Nasdaq 100 piles on the gains again

Yesterday it was the turn of the Nasdaq 100 to lead the gains for the major US stock markets, but all were buoyed by the data releases earlier in the day, which led many analysts to now conclude the US will avoid a recession in the fall. Well, perhaps it is simply too early to reach that conclusion on the strength of the data we saw yesterday. What that data did do was to provide another excuse for the stock market bulls to push all the equity markets higher again. Those gains came despite a jump higher of more than 0.10% in US yields. The Nasdaq 100 piled on 2.46% yesterday, closing 467 points higher, at 19,490. The index was led by gains in Marvell technology, Cisco (following their Q2 results), Super Micro, Tesla and ASML. Overnight the Asian markets have also pushed higher, led by gains in Japan and Hong Kong. So, the Nasdaq 100 futures are now pricing a slightly higher opening this morning ahead of the European opening, currently at around 19,520