Nasdaq 100: Futures Climb as Traders Eye Tariffs, Earnings and Hold 23,310 Support

Nasdaq Futures Edge Higher as Traders Digest Tariff Moves and Earnings

U.S. equity futures are leaning green this morning, with the Nasdaq 100 up 0.2% to around 23,533. That’s after yesterday’s session saw the Dow take a 224-point hit, the S&P 500 barely move, and the Nasdaq Composite squeeze out a 0.4% gain. The Dow’s intraday swings were wild — 305 points up at the high, nearly 394 down at the low — before settling in the red. Quite frankly, it feels like the market is trying to catch its breath while sifting through trade headlines and earnings beats and misses.

Are tariffs still driving the tape?

More likely than not, yes. President Trump’s new “reciprocal” tariffs kicked in overnight, hitting countries like Syria, Laos, and Myanmar with some hefty rates.

The bigger relief for tech was his assurance that the 100% chip import tariff won’t hit companies building in the U.S. That helped the Nasdaq hold up yesterday, but I think traders are still trying to figure out how these policies filter through to costs, margins, and consumer prices.

We’ll see how that plays out — especially for supply-chain-heavy names.

What’s the Nasdaq chart telling us?

Technically, the Nasdaq 100 futures are still holding above that 23,310.30 floor from earlier this week. There’s a ceiling up at 23,845 that bulls would love to take out, but for now we’re just grinding between those levels.

The 50-day sits way down at 22,709, so there’s some breathing room before buyers really need to defend.

The recent pullback to 22,775 looks like it worked off a bit of excess froth, and buyers stepped back in pretty quickly. I think dips toward 23,300 could still attract attention.

Which stocks are moving shortly after the opening?

Earnings have been a mixed bag. Under Armour is getting hammered, down 21% after a revenue miss. Trade Desk is off 33% despite strong results thanks to tariff and inflation worries. On the upside, Expedia is flying 15% after a beat and guidance raise, LegalZoom’s up 32% on an upgrade, and Viavi Solutions is popping 20% after strong numbers. Names like Pinterest, Sweetgreen, and Wynn Resorts are feeling the pain on weaker results.

So where do we go from here?

With the S&P up 1.6% on the week and the Nasdaq up nearly 3%, momentum’s still to the upside. That being said, tariffs remain the wild card.

As long as the Nasdaq holds above 23,310, I think traders will look at pullbacks as potential buying opportunities. A push through 23,845 could set up another leg higher — but again, it doesn’t take a lot of imagination to see how a nasty tariff headline could ruin the mood in a hurry.

More Information in our Economic Calendar.