This Week: Can NQ100_m stay above 15,000?

NQ100_m is attempting to keep its head above the psychologically-important 15,000 line.

This index, which tracks the benchmark Nasdaq 100 index, is also now testing key technical indicators (50-day and 100-day simple moving averages) for immediate resistance.

This tech-heavy index still managed three straight weekly gains despite contending with the Middle East conflict as well as last week’s higher-than-expected US inflation data.

This week could either offer reprieve or more anguish for stock markets, especially with US earnings season underway.

Tech giants such as Tesla and Netflix are due to unveil their respective quarterly financial results after US markets close on Wednesday, October 18th. The next day, Fed Chair Jerome Powell is scheduled to deliver public comments.

These events, and more, may invoke NQ100_m volatility this week.

Events Watchlist:

• Wednesday, October 18th: Tesla Q3 earnings

Having already announced (on Oct 2nd) lower-than-expected Q3 vehicle production and deliveries, investors want to know the hit to Tesla’s underlying financial figures.

Given this EV maker’s market cap of over US$800 billion, the market’s reaction to Tesla’s earnings could determine whether the NQ100_m can break beyond the upper boundary of the downtrend that began since mid-July.

• Wednesday, October 18th: Netflix Q3 earnings

Analysts predict a lacklustre earnings announcement out of this streaming giant.

Yet, this stock is still predicted to move by a whopping 7.8%, either upwards or downwards, when US markets resume trading the day after (Thursday, October 19th) Netflix’s mid-week earnings release, and potentially sway the NQ100_m.

• Thursday, October 19th: Speech by Fed Chair Jerome Powell

The Nasdaq 100 index, which is tracked by NQ100_m, is filled with US tech stocks. And this type of stocks generally does not like the prospects of US interest rates staying higher for longer.

If Chair Powell stresses that hawkish message yet again this week, that could drag the tech-heavy NQ100_m index below the psychologically-important 15,000 line.

And here’s a more comprehensive list of other key economic data and events due this week:

Monday, October 16

• JPY: Japan August industrial production (final)
• USD: US October manufacturing; speech by Philadelphia Fed President Patrick Harker

Tuesday, October 17

• NZD: New Zealand 3Q CPI
• AUD: RBA meeting minutes
• EUR: Germany October ZEW survey expectations
• GBP: UK September jobless claims; August unemployment rate
• USD: US September retail sales, industrial production; speeches by New York Fed President John Williams, Richmond Fed President Tom Barkin
• CAD: Canada September CPI
• SPX500_m: Earnings from Goldman Sachs, Bank of America

Wednesday, October 18

• CNH: China 3Q GDP; September industrial production, retail sales
• EUR: Eurozone September CPI (final)
• GBP: UK September CPI
• USD: Fed Beige Book; speeches by Philadelphia Fed President Patrick Harker, New York Fed President John Williams
• NQ100_m: Earnings from Netflix, Tesla

Thursday, October 19

• JPY: Japan September external trade
• AUD: Australia September unemployment; 3Q business confidence
• USD: US weekly initial jobless claims
• USD: Speeches by Fed Chair Jerome Powell, Chicago Fed President Austan Goolsbee, Atlanta Fed President Raphael Bostic, Philadelphia Fed President Patrick Harker, Dallas Fed President Lorie Logan;

Friday, October 20

• NZD: New Zealand September external trade
• JPY: Japan September national CPI
• CNH: China loan prime rates
• EUR: Germany September PPI
• GBP: UK September retail sales
• USD: Speech by Philadelphia Fed President Patrick Harker
• CAD: Canada August retail sales