Nasdaq 100 Forecast: QQQ rises after Nvidia earnings & jobless claims

US futures

Dow future 0.5% at 43600

S&P futures 0.5% at 5945

Nasdaq futures 0.53% at 20769

In Europe

FTSE 0.4% at 8112

Dax 0.3% at 19050

US stocks edge higher after Nvidia’s results
Nvidia beat EPS and revenue estimates
Jobless claims unexpectedly fell to 213k from 217k
Oil rises as geopolitical tensions between Russia & Ukraine rise

Nvidia sees another record quarter

U.S. stocks are set to open modestly higher after another record quarter for Nvidia, as jobless claims fall and geopolitical tensions mount.

Investors are keeping an eye on rising tensions between Russia and Ukraine after Russia launched an intercontinental ballistic missile into Ukraine, retaliating against recent strikes in which Ukraine used UK and US missiles. This escalation comes as President Putin lowered the threshold for a nuclear attack earlier in the week. The developments aren’t causing a sell-off in stocks but could limit the upside.

The US economic calendar is relatively quiet today, with only the jobless claims data offering further insight into the economy's health.

Initial jobless claims fell to 213k, down to 217k, and defied expectations of a rise to 220k. The data highlights the ongoing resilience of the US labor market.

Attention is also on Fed officials, with Austin Goolsby and Michael Barr scheduled to speak.

Their comments come as the markets are pricing in had 59% chance of the Fed cutting interest rates by 25 basis points in the December meeting.

Corporate news

Nvidia is set to open 1.7% higher after another record quarter where the AI darling of Wall Street beat earnings and revenue forecasts. Nvidia posted an EPS of $0.81 on revenue of $35.08 billion, ahead of expectations of $0.75 and revenue of $33.11 billion. The share price is recovering from an initial selloff as investors were disappointed by the revenue forecast of $37.5 billion. This would mark the slowest growth for seven quarters. The company also flagged supply constraints, especially among its upcoming Blackwell line but added that demand for its AI chips remains robust.

Snowflake is set to open over 20% higher after the data analytics software maker posted fiscal Q3 earnings ahead of forecast.

Crypto stock MicroStrategy is set to open higher adding to gains of over 60% this month as the Bitcoin price rises towards $100,000 for the first time. Bitcoin hit a record high of 97.9 K on Thursday.

Nasdaq 100 forecast – technical analysis.

The Nasdaq trades within a rising wedge. The price is being guided higher by the rising trendline support. The long lower candles on recent candles suggest that there was little selling demand at the lower levels. Buyers supported by the RSI Over 50 is testing 20,750 resistance. A rise above here opens the door towards 21k and 21,232, the record high. On the downside, support can be seen at 20,500, the rising trendline support, and 20,300, the weekly low. A break below 20k could see sellers gain momentum.

FX markets – USD rises, EUR/USD falls

The USD is rising modestly as traders look for more clarity from President Trump and his proposed policies. The USD dollar remains supported by expectations that the Fed will cut rates at a slower pace due to US economic strength and inflationary policies expected from Trump.

EUR/USD is trading under pressure as Europe remains in the firing line for both geopolitical tensions between Russia and Ukraine and possible Trump trade tariffs. ECB policymaker Villeroy de Galhau reinforced the idea that the ECB will continue cutting rates.

GBP/USD is falling amid a stronger U.S. dollar and a quiet UK economic calendar. Sterling is underperforming owing to the risk-off environment. Yesterday, the pound fell despite UK inflation coming in hotter than expected, raising expectations the Bank of England will cut rates at a slower pace.

Oil rises as geopolitical tensions rise.

Oil prices are rising after modest losses yesterday, pushing above $70.00 a barrel. Rising concerns over geopolitical tensions between Russia and Ukraine are overshadowing the rise in US crude oil inventories.

Ukraine filed British missiles into Russia in the latest use of Western weaponry after firing US missile missiles earlier in the week. Russia is responding with missile attacks on Ukraine, marking the first time that Moscow has used powerful long-range missiles in this war.

The escalation of geopolitical tensions raises concerns the oil infrastructure in Russia could be targeted.

On the demand side, U.S. oil inventories were higher than expected, at 450k, in the week ending November 15th. Gasoline inventories were also higher than forecast, pointing to a weaker demand environment.

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