Nasdaq 100 fires on all cylinders this year

2023-12-18
Summary:

Asia stocks dip after a mixed US close amid a dollar and Treasury yield rally. Nasdaq 100 hits a new high, poised for the best year since 2009.

Asia stocks dipped on Monday after US stocks ended mixed due to a rally in the dollar and Treasury yields. The Nasdaq 100 hit a new all-time high on Friday and headed for its best year since 2009.

All three indexes registered their seventh consecutive weekly gains. This year’s strong performance has come on the heels of optimism over AI’s potentials.


But some investors believe the policy shift from the Fed may have been reflected in pricing. Short bets against two-year Treasuries hit record levels earlier this month, according to the CFTC.


New York Fed President John Williams pushed back against rate cut expectations, reiterating that the central bank remains focused on bringing inflation down to its 2% target.


The Atlanta Fed's GDPNow estimate, which shows fourth quarter GDP rising by 2.6%, more than one percentage point higher than in mid-November. That bolsters the case for a soft landing next year.


The technology sector will likely maintain its lead as a falling interest-rate environment could technically ease pressures on substantial capital investment that is funded by borrowing.

NASUSD

The Nasdaq 100 is in a rising trend channel in the medium long term. The RSI suggests the index has been overbought, but the bullish bias will hold above support around 15,800.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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