NAS100 waits on big tech earnings
- NAS100 trading less than 2% away from records
- Alphabet & Amazon = nearly 20% of NAS100 weight
- US Treasury Quarterly Refunding could spark volatility
- Key levels: 26,300, 25,700 and 25,000
FXTM’s NAS100 is trading less than 2% away from all-time highs.
And yes, this could still be a big week for the index despite the absence of NFP.
A combination of big tech earnings, geopolitics and the US Treasury Quarterly Refunding could spark volatility.
Here is what you need to know:
Alphabet & Amazon earnings
Alphabet: Wednesday 4th Feb after US markets close.
1. Revenue is seen growing by more than 15% for the second quarter in a row.
2. The Gemini AI assistant integration seen boosting growth in its core search advertising business.
3. Alphabet is forecast to move by 5% up or down post earnings.
Amazon: Thursday 5th Feb after US marker close.
1. Sales probably rose 13%, the top-end of its guidance due to gains of more than 20% in advertising and web services segments.
2. Amazon is forecast to move by 6.5% up or down post earnings.
Alphabet and Amazon account for almost 20% of the NAS100 weight!
US Treasury quarterly refunding announcement – Wednesday 4th Feb
The US Treasury is unlikely to announce any significant changes to its debt issuance plans on Wednesday.
The Treasury’s quarterly refunding auctions are projected to total $125 billion – where they have been since May 2024.
- Any major deviations from this figure could translate to heightened levels of volatility for the NAS100.
POTENTIAL SCENARIOS:
BULLISH: Should 25,700 prove reliable support, this may open a path toward the all-time high at 26,288 and beyond.
BEARISH: Weakness below 25,700 may open a path toward 25,000 and 24,700.
