NASDAQ 100 and Nikkei 225 hit new highs, while Dow lags behind
Tech stocks have powered gains for the NASDAQ 100 and the Nikkei 225, but the Dow’s more mixed performance continues.
Dow higher, but still below record high
The index has edged higher over the past week, but an attempt to make strong gains yesterday was knocked back.
This contrasts with the S&P 500 and the NASDAQ 100, both of which continue to make new highs. It is important to note that the index is still just 1.7% off its record highs from May, though its performance this year is not as strong as the other two US indices.
A close above 39,500 could help to trigger a new move higher, opening the way to the previous record high. Recent gains have been underpinned by the 50-day simple moving average (SMA), so a close below this (currently 39,070) might signal that some short-term weakness is ahead.
NASDAQ 100 rally continues
The past week has seen the index march higher, moving through 20,000, with no sign of a reversal as yet.
Money continues to flow into the big-name tech stocks, which have driven the index, and the S&P 500, to new highs over the past week. While the price continues to move away from the 50-day SMA (currently 6.9% away), the buyers remain firmly in charge.
In the short-term, a close back below the mid-June high at 20,000 might indicate that at least a short-term pullback is on the cards.
Nikkei 225 hits new high
The Nikkei 225's gains accelerated overnight, hitting a fresh high and moving through 41,000 for the first time.
Bullish momentum may continue to carry the index higher, though Jerome Powell’s testimony today and Thursday’s US inflation data might provoke some volatility.
Sellers have been firmly shut out of this index over the past three weeks, though a close back below the previous high at 40,574 might indicate that the price has moved into a consolidation phase.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.