Nasdaq 100

Key insight

29,422 sits 1.7% higher on the day, clearing the 29,200 pivot; next resistance is the 30,000 round number. Gold +2.3% and oil -2.1% together point to a stagflation-hedge unwind that benefits growth tech.

29,422 holds above the 50-day MA near 28,900; broad risk-on rotation confirmed with S&P 500 at 7,647 and gold at 4,361 — dual strength signals a genuine bid, not a short-covering spike.

Main risk

Oil spike reversal fuelling inflation fears

Oil at $96.1 after a -2.1% drop; any reversal back above $100 reignites CPI fears and pressures Fed rate-cut expectations, hitting NDX multiples.