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Nasdaq Lift on FAANG Stock, DJIA Rally Fizzles with FOMC in Focus

Nasdaq Lift on FAANG Stock, DJIA Rally Fizzles with FOMC in Focus

Justin McQueen,
What's on this page

Equity Analysis and News

  • Federal Reserve Minutes In Focus
  • Nasdaq 100 | FAANG Stocks Get Off to a Good Start for Q3 Earnings
  • DJIA | Yesterday’s rally Fizzles Out
Price200DMARSIOpen InterestIG Sentiment
Europe
FTSE 1007067746818613,238Mixed
DAX 11693125362999,514May Reverse Higher
CAC 405166538224287,933Mixed
US
S&P 50028092767352,739,270Mixed
DJIA25798251464091,734Mixed
Nasdaq 1007307712546260,700-

Federal Reserve Minutes In Focus

Today, investors will prepare for one of the most notable events of the week, which comes in the form of the FOMC minutes from the Fed’s September monetary policy meeting. This is of particular importance given that a prominent factor in last week’s panic selling and large volatility in global markets had been due to the Federal Reserve’s recent hawkish commentary. As such, traders will peruse the statement in order to confirm or deny fears over higher interest rates in the US.

Nasdaq 100 | FAANG Stocks Get Off to a Good Start for Q3 Earnings

Futures are implying a firm start at the open for the Nasdaq relative to its counterparts with Nasdaq futures up 0.4%. A supportive factor behind the rise has been the strong earnings update from one of the major tech firms, Netflix, who reported far better subscription growth figures than analysts had estimated. Shares in the tech giant are up 10% in pre-market hours. However, given the negative sentiment across the rest of global markets, early gains may be faded. Resistance ahead is situated at the 7400 level.

Nasdaq 100 Price Chart: Daily Time Frame (Mar-Oct 18)

DJIA | Yesterday’s rally Fizzles Out

Unlike the Nasdaq, DJIA futures are pointing towards a negative open. As such, yesterday’s rally which saw both the DJIA and S&P 500 close 2% higher looks to have fizzled out as confidence in global growth prospects seems to be somewhat muted. A close above the 76.4% Fibonacci retracement is key in order to confirm the short-term base at 25,000.

DJIA Price Chart: Daily Time Frame (Nov 17-Oct 18)

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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