Last week, this tech-heavy index posted a new year-to-date high as it flirted with the 16,000 mark.
Equity bulls will be hoping that the events on November 21st will help the NQ100_m conquer that psychologically-important level, with an eye of setting a new record high over the near-term.
The FOMC meeting minutes and Nvidia’s earnings, both due on the same day, could make either for a “torrid” or “terrific” Tuesday for NQ100_m.The FOMC minutes will be scoured for Fresh policy signals, while markets are eager to know if there are still more legs to Nvidia’s AI-driven earnings.
Tuesday, November 21: FOMC meeting minutes
Recall that at the most recent FOMC meeting earlier this month, stock bulls rejoiced at the thought that peak US rates are indeed here, as the Fed unanimously voted to leave its benchmark rates unchanged at 5.25 – 5.50%. Further confirmation on peak US rates from the meeting’s minutes could spark more cheer for the NQ100_m.
Tuesday, November 21: Nvidia quarterly earnings
The NQ100_m is set to be greatly influenced by Nvidia’s latest quarterly results, and its AI-driven earnings outlook. After all, this US chipmaker now boasts a market cap of US$1.2 trillion, after its share prices skyrocketed by more than 200% year-to-date, becoming the best-performing member of the Nasdaq 100 index so far in 2023. Note that Nvidia is forecasted to move by over 7%, either up or down, when US markets reopen on Nov 22nd.Here’s a comprehensive list of other key economic data and events due this week:Monday, November 20
Tuesday, November 21
Wednesday, November 22
Thursday, November 23
Friday, November 24
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