Nasdaq 100

Key insight

29,470 holds above the 50-day MA (~28,900); break above Aug high near 29,800 opens a run at the 30,000 round-number target. Nvidia's $12.9bn Hugging Face deal adds AI M&A momentum.

Bounced 3.2% off Aug low of 28,567 to 29,470 — Nvidia's 8.7% post-earnings surge anchors tech bid; 30,000 round number is the next structural test.

Main risk

Fed Chair Warsh hawkish pivot risk

Warsh Jackson Hole tone leaning restrictive — 10yr Treasury yields rising would reprice growth multiples in mega-cap tech; watch 4.50% yield threshold.