Weekly market outlook
US equities took a hit last week, with the NASDAQ 100 shedding over 3% as AI spending worries bit into tech. I'm treating the Dow as the relative-strength play, but the bias is cautious until the Nasdaq proves it can stabilise.
US equities finished last week on the back foot, with the NASDAQ 100 down 1.94% and the S&P 500 off 0.87% while the Dow held up better. With the Fed decision on Wednesday and over a third of S&P 500 companies reporting, I'm leaning cautious and letting key levels dictate the trade.
A tech-led wobble last week left the NASDAQ 100 down 4.82% and the S&P 500 off 1.89%, while the Dow barely flinched. My bias for the week is cautiously neutral, with dip-buyers and the bears both needing to prove themselves at key levels.
Wall Street ended last week with the Dow and S&P 500 in the green while the NASDAQ 100 lagged, and oil and gold both pushed higher on a tense geopolitical backdrop. I'm leaning cautiously bullish on the Dow this week, but earnings season and rising yields mean the levels matter more than the narrative.
US indices closed mixed last week with tech leading the charge whilst the Dow lagged, and this week's divergence sets up some interesting setups heading into October. With Treasury yields still elevated and a weak jobs report in the rear-view mirror, I'm watching how price reacts at key technical levels before committing to directional plays.