Nasdaq 100

The semiconductor and AI trade is undergoing a reality check — Wells Fargo flagged risk of a deeper pullback toward the 200-day MA (~27,800), and today's earnings slate could either arrest or accelerate the decline.

Nasdaq-100 futures dropped 1% this morning as geopolitical oil-price shock from U.S.-Iran strikes and TSMC's elevated capex guidance ($60–64B) continue to pressure semiconductors, pushing the index away from its July high near 30,500.

Main Risk

U.S.-Iran Geopolitical Escalation + Oil Spike

Nine consecutive days of U.S. strikes on Iran have driven oil above $86/bbl, compressing tech multiples and fuelling a rotation out of growth into energy; a breakdown in ceasefire talks would send oil sharply higher and further dent NDX sentiment.