Aug 30, 2023

Nasdaq Surges Amid Positive Market Sentiment

NAS 100 Daily Chart

NAS100 Daily Chart

Impressive Gains on NAS 100 Chart

On Tuesday, the NAS 100 index showcased significant bullish momentum, surging from its previous position above 15,000 to reach 15,414. Despite encountering some resistance at this level, indications point towards a potential upward movement towards 15,800 in the near future.

Chinese Stimulus Efforts and Stable Property Sector Boost Investor Confidence

Chinese Initiatives Bolstering Investor Sentiment

Investors found renewed optimism in the Nasdaq tech stock index, which experienced a remarkable 2% surge on Tuesday. This upward trajectory can be attributed to a newfound positive outlook after a period of uncertainty.

China’s efforts to stimulate its economy have been noted by investors, highlighting the government’s willingness to undertake additional measures to support the market. Furthermore, the Chinese property sector has shown resilience, alleviating concerns that had been looming over the market in recent weeks.

US Consumer Data Misses Expectations, Shifting Focus to Tech Heavyweights

US Consumer Confidence Falls Short

Contrary to expectations, the latest consumer data in the US revealed weaker figures, with the consumer confidence index registering at 106, lower than the projected 116. However, investors chose to shift their focus towards the promising prospects presented by tech heavyweight stocks.

Anticipation Grows for Apple’s Upcoming Product Launch

Apple’s Exciting Event on the Horizon

Anticipation is building as Apple announced its forthcoming event on September 12. During this event, the tech giant is set to unveil its latest products, including the much-awaited iPhone 15 models, along with new iterations of the Apple Watch. Another notable reveal might be a more affordable version of the popular ear pods.

Apple’s Strong Smartphone Performance and Future Outlook

iPhone 14 Dominance and Future Sales Potential

Omdia’s data revealed that the iPhone 14 was the top-shipped smartphone in the first half of this year. Impressively, Apple’s iPhone 14 Pro Max and iPhone 14 Pro accounted for substantial unit shipments, at 26.5 million and 21 million units respectively. Noteworthy analyst Ming Chi-Kou has speculated that Apple could surpass Samsung in total smartphone sales by 2024, capitalizing on the latter’s downwardly revised sales forecast of 220 million units.

Google’s Innovative AI Product Launches in Direct Competition

Google Unveils Premium AI Tool

In a strategic move, Google introduced an advanced AI version of its Duet tool during the Tuesday event. This premium AI tool is set to be integrated into various Google products, such as Docs and Sheets. With a subscription price of $30 per month, this product enters direct competition with Microsoft’s 365 Copilot AI, which boasts the same price point.

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