Nasdaq 100 Price Forecast:
- Trading at fresh all-time highs, the Nasdaq[1] 100 will look to a series of high impact earnings to continue the rally
- Among those to report are FAANG members[2] Facebook, Apple and Google
- Despite their importance, initial reactions may be tempered as market participants await Wednesday’s FOMC[3] meeting
Nasdaq 100 Outlook: Top Earnings to Watch in the Week Ahead
The Nasdaq pressed to new heights on Monday after a bullish open saw the tech-heavy index gap above resistance around 8030. Now, the door higher has been opened and the Nasdaq will look to cling onto the next catalyst in pursuit of a bullish continuation. To that end, quarterly results from Google, Apple and Facebook will look to play their part in furthering earnings optimism and by extension, the stock market.
Nasdaq 100 Price Chart: Daily Time Frame (August 2018 – October 2019) (Chart 1)
Alphabet’s Google will be the first of the FAANG members to deliver their results, reporting after the close on Monday. Already, Google has been in the news on reports that they are in talks to acquire FitBit – an acquisition that could threaten Apple’s wearable branch. If carried to completion, the acquisition would be a welcome sight in the FAANG group which has largely paused the purchasing of smaller firms in favor of share buybacks. Whether this will mark a new age of consolidation is yet to be seen, but it is an encouraging sign nonetheless.
Looking to Tuesday, Electronic Arts and AMD will provide key insights on the gaming and semiconductor sectors, both with vested interests in the Chinese market. As it stands, the semiconductor sector has seen a stark contrast in reactions, with an abysmal miss from Texas Instruments followed
