Friday closing prediction: 24,850
The Nasdaq started the week with a strong 2.7% rebound on Monday, but the hotter-than-expected October CPI has weakened the recovery. Headline inflation rose 0.4% against expectations of 0.3%, while core CPI increased 0.3%, also above forecasts. This keeps interest-rate concerns in focus.
I expect volatility to remain elevated through Friday. I would avoid chasing the rebound in Nvidia, AMD or Tesla and wait for better entry points. I would also watch Friday’s PPI data and Thursday’s earnings from Applied Materials and Cisco for further clues about inflation and technology demand.
A strong recovery needs more than one good trading session. I want to see improving market breadth, stabilising prices and sustained buying before increasing my tech exposure.
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