Nasdaq 100 Hits Record High as Jobs Miss Slashes Fed Hike Odds
QQQ sits 35% above its 52-week low of $555.6.
Summary
The Nasdaq 100, tracked by QQQ, rallied 1.3% to a record 30,957 after September payrolls came in at just 29,000 versus 90,000 expected, with August revised lower. The miss pushed October Fed hike odds down to 18% from nearly 70% a week ago, fueling a tech rally. QQQ is trading near its 52-week high of $754.54, now up 22.4% year-to-date. This is a macro-driven move with direct impact on the index fund; NDX is the underlying index. Traders will watch whether the rally holds into the close and how Fed speakers react to the weak jobs data.
At the time of this announcement, QQQ was trading at $749.42 on NASDAQ in the Technology sector. The 52-week trading range was $555.60 to $754.54. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.