This Week: NAS100 eyes 18k, Traders anticipate AI Earnings Boost

Markets remain obsessed over US tech stocks, especially those that could see a massive earnings boost in the future thanks to artificial intelligence.

The NAS100 index, which tracks the tech-heavy Nasdaq 100 index, has already gained about 5% so far this year, adding to the 53.8% climb from 2023.

This week features events that could determine whether NAS100 will stay above or below the 18000 level.

Although Wall Street still expects this stock index to eventually exceed 19000 over the next 12 months, traders still have plenty more opportunities on a weekly basis in the interim.

Events Watchlist:
 

• Wednesday, February 21st: FOMC meeting minutes

Expectations for Fed rate cuts remain arguably the primary factor that’s influencing stock markets.

Recall that at the end-January FOMC meeting, Fed Chair Jerome Powell threw cold water on the idea of a US rate cut in March.

However, any dovish surprises as contained in that meeting’s minutes should keep NAS100 above 18,000.
 

• Wednesday, February 21st: Nvidia earnings

Given Nvidia’s market cap of about US$1.8 trillion, making it the 3rd largest US-listed stock behind only Microsoft and Apple, any major moves to this stock should sway the broader NAS100.

Note that markets are already forecasting a seismic 11% one-day move for Nvidia’s share prices when US markets reopen on Thursday, February 22nd, as markets react to the company’s earnings to be unveiled after US markets close on Wednesday.

The NAS100 may be dragged further below 18,000 if Nvidia fails to live up to the hype.

Here’s a comprehensive list of other key economic data and events due this week:

Monday, February 19

• China markets reopen
   
• US markets closed

Tuesday, February 20

• AUD: RBA meeting minutes
   
• CNH: China loan prime rates
   
• CAD: Canada January CPI
   
• Walmart earnings
   

Wednesday, February 21

• JPY: Japan January trade balance
   
• EUR: Eurozone February consumer confidence
   
• USD: FOMC minutes; speech by Atlanta Fed President Raphael Bostic
   
• Nvidia earnings
   

Thursday, February 22

• NZD: New Zealand January trade
   
• AUD: Australia February PMIs
   
• JPY: Japan February PMIs
   
• EUR: ECB meeting minutes; Eurozone February PMIs; January CPI (final)
   
• GBP: UK February PMIs
   
• USD: US weekly initial jobless claims; speeches by Fed Governor Lisa Cook and Minneapolis Fed President Neel Kashkari
   
• CAD: Canada December retail sales
   

Friday, February 23

• EUR: ECB 1- and 3-year inflation expectations; Germany February IFO business climate; Germany 4Q GDP (final)
   
• GBP: UK February consumer confidence