Nasdaq 100

Key insight

29,353 holds above the 20-day MA (~28,900) but Marvell's -10% margin miss flags AI capex uncertainty; month-end rebalancing adds near-term selling pressure into a key resistance cluster at 29,600.

Pulls back -0.3% to 29,353 on month-end; Nvidia's +8.7% post-earnings surge already absorbed — index needs fresh catalyst to extend above Aug high near 29,600.

Main risk

AI Capex Margin Squeeze (Marvell)

Marvell -10% on gross margin miss signals AI infrastructure cost pressures that could ripple into Nvidia, Broadcom, AMD and weigh on index leaders.