Nasdaq 100 Jumps 1.2% as S&P 500 Hits Record; Best Week Since April
NDX sits 30% above its 52-week low of $22,841.417.
Summary
The Nasdaq 100 surged 1.2% on Friday, capping its strongest week since April, as the S&P 500 closed at an all-time high. The rally was fueled by a shockingly weak July jobs report—nonfarm payrolls fell by 23,000 against expectations of an 80,000 gain, with May and June revised down by 103,000. This labor market softness drove bond yields lower and reinforced bets that the Fed won't hike rates before December, if at all this year. The dollar slid, while the euro, pound, and yen all strengthened. Geopolitical optimism added to the risk-on mood, with reports of a potential US-Iran-Oman agreement easing Strait of Hormuz tensions. The tech-heavy index is now trading near its 52-week high, recovering sharply from the correction territory it entered just over a week ago.
At the time of this announcement, NDX was trading at $29,722.30 on NASDAQ in the Technology sector. The 52-week trading range was $22,841.42 to $30,762.20. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: CNBC TV18.