The S&P 500, Nasdaq Composite and Nasdaq 100 rose as traders priced in a lower chance of another Fed rate hike and kept buying technology names tied to AI spending. The Nasdaq 100 is on track for a second straight record close, while the S&P 500 still has to clear a cluster of resistance levels overhead.
The S&P 500 traded up 0.32% at 7,747.71, after touching an intraday high of 7,758.32, as it tracked gains in the Nasdaq Composite and Nasdaq 100 toward fresh record closes. Investors are focused on continued economic growth, reduced urgency for another Fed rate hike, and optimism around technology and AI spending.
The chance of an October rate hike now sits just below 20%, after a weaker September jobs report eased concerns about an immediate increase, while strong services data released the same day suggested business demand remains healthy. A cooling labor market, in other words, does not necessarily mean corporate earnings are about to fall sharply.
Nvidia strength and AI spending support tech names
Continued investment in AI infrastructure and strength in Nvidia, which reached a new record, are helping support the heavily weighted technology names driving the Nasdaq higher. Treasury yields remain elevated and inflation pressures have not gone away, but buyers are putting more weight on the growth and earnings outlook for now.
Nasdaq Composite and Nasdaq 100 push toward records
The Nasdaq Composite traded up 0.66% at 27,368, with an intraday high of 27,399.81, putting it above the previous record closing level of 27,244.28. Staying above that level keeps a record close in play; farther down, the swing level at 26,676.31 remains an additional support target.
The Nasdaq 100 traded up 0.50% at 30,959, after reaching a high of 30,996.01. The index already closed at a record on Friday, so a positive close today would mark two consecutive record closes. The swing highs between 30,634.67 and 30,762.20 now represent close support; a break below 30,634.67 would signal a failure of the breakout and bring 30,195.72 into focus, followed by the rising 100-hour moving average at 29,517.22.
S&P 500 resistance levels in focus
The S&P 500 is lagging the gains in the Nasdaq Composite and Nasdaq 100. On the topside, the swing highs between 7,771.48 and 7,816.70 remain the next hurdles; buyers need to get above and hold those levels to open the door for new all-time highs.
On the downside, last Thursday's low found support near the upper boundary of the 7,573.60–7,617.37 swing area, with the rising 100-hour moving average at 7,568.18 sitting just below it. Holding above those levels keeps buyers more in control; a break below the swing area and moving average would shift the short-term bias to the downside.
A break above an old high is a bullish step, but the follow-through matters. The Nasdaq indices need to hold their gains into the close, while the S&P 500 still needs to push through its overhead swing highs.
Source: Investinglive RSS Breaking News Feed
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