Nasdaq 100 Forecast: QQQ inches higher ahead of UoM Sentiment
U.S. Stocks are pointing to a firmer open as investors buy the dip following yesterday's pullback and as they await confidence data later today. This is one of the few data points as the US government shutdown continues.
Share this:
US futures
Dow futures 0.23%, S&P futures 0.08% & Nasdaq futures 0.08%
In Europe
FTSE -0.05% & DAX -0.13%
- US stocks edge higher and are set to rise 1% this week
- The US government shutdown continues for the 10th day
- UoM sentiment is expected to slip
- Oil falls sharply as risk premium fades
Stocks set for another weekly rise
U.S. Stocks are pointing to a firmer open as investors buy the dip following yesterday's pullback and as they await confidence data later today.
Traders remain upbeat on equities despite yesterday's declines, with some AI momentum remaining intact. Traders are seeing pullbacks as an opportunity to buy in. The bullish mood has been broadly unaffected by the ongoing U.S. government shutdown, which enters its tenth straight day today, with few signs of progress on a deal.
Instead, the market remains buoyed by expectations that the Federal Reserve will cut interest rates twice more before the end of the year to support a weakening labour market.
Attention will now turn to the University of Michigan consumer sentiment, which is one of the few data releases this week. Consumer sentiment is expected to fall to 54.2 from 55.1. Sentiment fell sharply at the start of the year due to Trump tariff worries, before briefly recovering. However, sentiment in recent months has resumed its downward trajectory amid concerns over price pressures. The inflation sub-component of the report will be watched closely.
Corporate news
Levi Strauss lifted its full-year revenue and profit forecast after posting strong quarterly results, but its stock is falling by over 6% despite the strong numbers. The macro environment remains tough, and expectations were high.
Qualcomm is falling amid an investigation by China into a potential breach of an antitrust regulation.
U.S.-listed Stallantis is rising ahead of the open after the carmaker posted its Q3 global results. Shipments rose by 13% compared to a year ago.
Nasdaq 100 forecast – technical analysis
The Nasdaq 100 trades in a rising channel, reaching a record high of 25,192. The RSI has tipped into overbought territory, so buyers should be cautious of chasing gains at these levels. There could be some consolidation before further gains. With blue skies above 25,500 is the next logical level ahead of 26k. Minor support is at 24,500, the 20 SMA, and 23,960, the August high.
FX markets – USD flat, GBP/USD falls
The U.S. dollar is holding steady after rising to a two-month high in the previous session. Dollar track treasury yields higher concerns over increasing price pressures. Attention will turn to. University of Michigan sentiment for further clues
EUR/USD is holding steady below 1.16 and is on track to fall over 1.4% this week amid French political turmoil, marking the worst weekly decline for months. Macron is set to announce a new PM today.
The GBP/USD is falling below 1.33 on U.S. dollar strength, and as Investors continue to fret over the upcoming budget from Chancellor Rachel Reeves. The National Institute of Economic Social Research think tank urged the Chancellor to break income tax promises in the budget to help fill the £30 billion needed.
Oil drops as risk premium fades.
Oil prices are falling for a second day as the risk premium fades following the Gaxa peace deal.
Oil prices fell by around 1% yesterday and are extending those gains today after Israel and Hamas agreed on the first phase of a plan to end the war in Gaza. A process towards peace in the Middle East means that supply fears from the region ease.
Israel and the Palestinian militant group Hamas reached a ceasefire agreement yesterday in the first phase of President Trump's efforts to end the war in Gaza.
On a weekly basis, oil is expected to fall 0.5% after a steep decline in the previous week.
While progress toward a ceasefire in Gaza stalled, pulling on prices, progress on the Ukraine-Russia war could keep oil well supported.
Last weekend, OPEC+ agreed to increase output by less than expected, easing some of the supply concerns.
.
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/MXN Analysis: Is Super Peso Starting to Fade?
Over recent trading sessions, the Mexican peso has continued to show signs of weakness against the U.S. dollar. This can already be seen in USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting sustained buying pressure in favor of the dollar in the short term.
Nasdaq 100 Forecast: NDX slips as Treasury yields keep rising
U.S. stocks are falling at the start of Q4, as gains in software stocks offset concerns over soaring Treasury yields. U.S. Treasury yields continue to rise, with the 10-year yield up 2 basis points at 5.31% and the 30-year at 5.66%, multi-decade highs.
US Dollar Technical Outlook: DXY Bulls Meet Resistance at Yearly Highs 10 1 2026
The U.S. Dollar has held firm despite fading Fed hike bets, but Friday’s payrolls could test the rally’s staying power.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.