Pre Open US - US Indices 7 Sep 2023

Futures linked to the broader market index fell by 0.7%, and Nasdaq 100 futures experienced a 2.6% drop in Apple shares before the opening bell. This decline was triggered by a Bloomberg News report suggesting that China intends to expand its ban on iPhones within state-owned companies and agencies.

Meanwhile, traders closely examined the latest corporate earnings reports. C3.ai witnessed a significant drop of over 9% due to lower-than-anticipated gross margin results in the previous quarter. Likewise, ChargePoint Holdings saw an approximately 11% decline in its stock price after falling short of revenue expectations.

Major US stock indices faced losses in the previous session, primarily driven by rising Treasury yields, which placed pressure on technology stocks. Investors expressed heightened concerns that the Federal Reserve might use recent stronger-than-expected economic data as justification for additional interest rate hikes.

Nasdaq is making the 15,300-resistance level as support right now and heading towards the 16,000 mark, its previous peak. This higher level presents a formidable challenge for further advancement. Notably, media coverage appears to be providing solid support for the price, and even the bearish pattern that was emerging earlier seems to have lost its significance.