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NASDAQ POWERS TO FRESH RECORDS HIGH AS TECH STOCKS RISE -

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    • NASDAQ POWERS TO FRESH RECORDS HIGH AS TECH STOCKS RISE
09-Jul
21:58 IST

Stocks were slightly higher Thursday morning, with tech shares continuing their relentless march higher and sending the Nasdaq 100 to a fresh record high.

Nasdaq 100 futures are currently trading at 10716.78 higher by 0.51% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, Nasdaq 100 is currently trading at 10722.11 higher by 0.52% as compared to the previous closing.

Tech mega-caps including Apple, Netflix, and Microsoft continued to rally as investors park cash in stocks less immediately threatened by a coronavirus resurgence. US cases surpassed 3 million on Wednesday, prompting new concerns of a longer-than-expected recession.

Dow Jones are currently trading at 25,758-lower by 0.81% as compared to the previous closing whereas S&P 500 is trading at 3,149.12- lower by 0.45%.

Top losers in the index include- Walgreen Boots (declined 8.58%), Expedia (declined 3.59%) and Ulta Beauty (fell 2.87%)  on Thursday.

On the other hand, top gainers in the index include- NetEase (surged 8.81%), AMD (rose 2.71%) and Seattle Genetics (advanced 2.51%).

On the economic front, Initial unemployment claims edged down to 1.3 million in the latest week. The number of new applications for jobless benefits fell by a seasonally adjusted 99,000 for the week ended July 4.

On the technical front, the RSI is currently at 65.67% and suggests that the market can move in the upward direction. The current price is above all the moving averages. The current price is above the middle band of the Bollinger Bands but slightly below the upper band.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

Stocks were slightly higher Thursday morning, with tech shares continuing their relentless march higher and sending the Nasdaq 100 to a fresh record high.

Nasdaq 100 futures are currently trading at 10716.78 higher by 0.51% as compared to the previous closing. The contract closed in the positive territory in the last trading session.

In the Cash Markets, Nasdaq 100 is currently trading at 10722.11 higher by 0.52% as compared to the previous closing.

Tech mega-caps including Apple, Netflix, and Microsoft continued to rally as investors park cash in stocks less immediately threatened by a coronavirus resurgence. US cases surpassed 3 million on Wednesday, prompting new concerns of a longer-than-expected recession.

Dow Jones are currently trading at 25,758-lower by 0.81% as compared to the previous closing whereas S&P 500 is trading at 3,149.12- lower by 0.45%.

Top losers in the index include- Walgreen Boots (declined 8.58%), Expedia (declined 3.59%) and Ulta Beauty (fell 2.87%)  on Thursday.

On the other hand, top gainers in the index include- NetEase (surged 8.81%), AMD (rose 2.71%) and Seattle Genetics (advanced 2.51%).

On the economic front, Initial unemployment claims edged down to 1.3 million in the latest week. The number of new applications for jobless benefits fell by a seasonally adjusted 99,000 for the week ended July 4.

On the technical front, the RSI is currently at 65.67% and suggests that the market can move in the upward direction. The current price is above all the moving averages. The current price is above the middle band of the Bollinger Bands but slightly below the upper band.

Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

Trade Suggestion – Stop Buy at 10740, Take profit at 10810 and stop loss at 10680.

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