The Nasdaq 100 index has recorded a strong upward trend in the past one week. It is currently up by more than 0.11 per cent and is at 13,657.73 US dollar.
US Data Concerns
The United States Consumer Price Index (CPI) inflation spurred a lot of fear in the markets. Economists expected the United States Federal Reserve to tighten its monetary policy earlier than expected. However, after holding a meeting, the Federal Reserve has reaffirmed investors on the easing of the monetary policy. They termed it as a “soft landing” which they promised would not affect the economic recovery in the country.
The Nasdaq 100 index will react to the Snowflake company third earnings as a public company. Investors are closely monitoring the figures to be released on Wednesday. The company’s shares are trading 46 per cent below its all time high of $428. The company’s shares have tumbled by more than 12% this year as investors turn away from fast-growing tech stocks.
The company will be in the limelight on Wednesday, as it releases its earnings. Economic analysts expect the company to perform better than its previous results. Snowflake is expected to record revenue of about $213 million and a decline of about 0.16 per cent per share. After recently reporting an increase of 116 per cent in its revenue, Snowflake is expected to hold onto the strong upward trend.
Nvidia Stock Price Earnings
The Nasdaq 100 index will also react to the Nvidia stock price earnings to be released on Wednesday. The company has been on an upward trend for the last 12 months. The company posted a revenue of more than $5 billion in the first quarter. Its shares hag gained 2.5 percent to $3.10 per share.
The company is expected to have increased its revenue to $5.41 billion within the first quarter. Its earnings per each share is expected to rise to $3.28. the company is expected to perform better than expected.