Nasdaq 100: Buyers Defend 50-Day MA, US Stock Market Awaits Payrolls Data

Apple followed, adding 2.6%, as the ruling also preserved Google’s payments to the iPhone maker. That lit a fire under the communication services sector, which jumped 3.1%, while broader tech rose 0.6%. But energy lagged, down 1.6% as crude pulled back. Bottom line: tech remains the place to be—for now.

Is the Fed Closer to a Rate Cut?

Job openings data came in light, and that was music to the market’s ears. July JOLTS showed a bigger-than-expected drop, fueling bets that the Fed could finally pivot.

Traders now see a 95.6% chance of a September cut, up from 92% before the data, according to CME’s FedWatch tool. That helped ease some recent pressure from rising Treasury yields, though the 30-year briefly tagged 5% before settling near 4.89%.

Where’s the Market Psychology Right Now?

We’re seeing a bit of push-pull here. Buyers are stepping in on weakness, especially around the 50-day, but there’s also some hesitation with big macro data looming.

Tuesday’s drop was likely part profit-taking, part caution ahead of Friday’s NFP release. The Nasdaq bounced sharply off 23,025 intraday—a sign dip buyers aren’t ready to back off just yet.

What’s Next for Traders to Watch?

All eyes are on Friday’s nonfarm payrolls. Powell flagged labor market softness as a key trigger for easing, so a weak print could seal the deal for a cut on September 17.