Broader US indices lower. What are the key levels in play for the Nasdaq and the S&P
The broader US stock indices are trading lower on the day with clearly defined support resistance levels. In the video above I take a look at the NASDAQ and the S&P indices, outline the short-term support resistance levels at the market traders are following, and the implications for the next breaks. Will the buyers keep hope alive for a bounce, or wil lthe sellers continue to hold the stronger had and take evenmore control from a break lower?
Of course, there are also a slew of earnings after the close today, with the reports most likely to move markets highlighted below.
Mega Cap
Microsoft (MSFT)
- Focus will be on Azure cloud growth, AI-related spending, Copilot adoption, and capital expenditures.
- Investors will be looking for reassurance that AI investments are translating into accelerating revenue growth.
- This is arguably the single most important report of the day.
Meta Platforms (META)
- Key metrics include advertising revenue, user engagement, AI monetization, and guidance.
- Investors also want updates on AI infrastructure spending and whether margins can remain strong despite elevated capex.
- Together with Microsoft, Meta's results could set the tone for Thursday's market.
Qualcomm (QCOM)
- Looking for trends in smartphone demand, automotive chips, and AI-enabled devices.
- Guidance will be especially important given the recent weakness in semiconductor stocks.
Arm Holdings (ARM)
- Investors want evidence that AI-related chip licensing remains strong.
- Outlook for royalties and future licensing activity will likely drive the stock more than the quarter itself.
Lam Research (LRCX)
- A key read on semiconductor equipment spending.
- Commentary on foundry and memory customer demand will be watched closely after recent AI-related volatility.
Consumers
Starbucks (SBUX)
- Investors are looking for signs that North American traffic is stabilizing.
- China sales remain a major focus.
- Management commentary on consumer spending trends will be important.
Chipotle Mexican Grill (CMG)
- Comparable-store sales and customer traffic are the key metrics.
- Investors will also watch for margin trends and the impact of food costs.
Financials
Robinhood (HOOD)
- Trading activity, crypto revenue, options volumes, and asset growth will be in focus.
- Any update on retail trading activity could move not only Robinhood but also the broader fintech sector.
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