NASDAQ100 INDEX - Nasdaq100 Rebound Stalls as Earnings Prospects Worsen - 08/08/2024 (GMT)

The Nasdaq 100's rebound faltered, closing lower due to a sharp 20% drop in Super Micro Computer’s stock from disappointing earnings and supply chain issues. This decline sparked further sell-offs in chip stocks. Additionally, weaker demand in the 10-year Treasury auction drove yields higher, contributing to market stress. Walt Disney's lower park profits failed to reassure investors, while Shopify benefited from strong earnings, and Airbnb fell after a weak revenue forecast.

USTEC retested the 18250-18410 area before paring gains. The index is below both EMAs, indicating bearish momentum persists. If USTEC remains below 18250, the index may consolidate within the 17350-18250 range until a breakout occurs.Conversely, if USTEC closes above 18410, the index may retrace further to 18750.