A big week for tech stock traders has arrived, with the earnings calendar being packed with releases from US Big Tech companies. Traders will be offered earnings reports from Microsoft and Advanced Micro Devices today after close of the Wall Street session, and both will be watched closely for hints on AI spending and semiconductor sector performance. Those reports may also shape market sentiment ahead of reports scheduled for the later part of the week:
- Arm Holdings (ARM.US) - Wednesday
- Meta Platforms (META.US) - Wednesday
- Qualcomm (QCOM.US) - Wednesday
- Apple (AAPL.US) - Thursday
- Amazon (AMZN.US) - Thursday
- Intel (INTC.US) - Thursday
Big Tech earnings will be this week's key driver for Nasdaq-100 index (US100). Taking a look at US100 chart at D1 interval, we can see that the index has halted recent correction and has been trading higher so far this week. A point to note is that the pullback was halted in an important support zone. The zone ranging between 18,900 pts and 19,070 pts is marked with previous price reactions, 100-session moving average, 50% retracement of an upward impulse launched in mid-April as well as the lower limit of the market geometry. Bouncing off this area hints that the uptrend is still in play and the index may return to recent all-time highs. However, a lot will depend on Big Tech earnings that will be released this week. Apart from that, traders should keep in mind that tomorrow's FOMC rate decision may also have an impact on Wall Street indices.
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Source: xStation5
