Nasdaq 100: Marvell Drops 16% Today as Tech Stocks Slide and PCE Data Hits Sentiment
Friday’s selling comes after the index hit a record 24,068.50 earlier this month, only to retreat and test support near 23,035 last week. The 50-day simple moving average (SMA), currently at 23,223, continues to offer short-term support, while the longer-term 200-day SMA remains well below at 21,705, underscoring the broader bullish trend still intact.
How Is the Fed’s Inflation Gauge Shaping Rate Cut Bets?
The July core PCE reading rose 2.9% year-over-year, in line with expectations but higher than the prior month. While this data keeps hopes alive for a potential September rate cut, it also signals persistent inflation pressures, leaving the Fed in a wait-and-see position.
According to Morgan Stanley’s Ellen Zentner, unless labor market weakness becomes more pronounced, the Fed may hesitate to ease aggressively. Next week’s non-farm payrolls report could be a key trigger for near-term rate expectations.