Nasdaq 100 and S&P 500: Tech Stocks Surge as US Indices React to Powell, Trump

Market Technical Analysis - The index is currently trading between a long-term bottom at 6212.69 and a key retracement zone at 6483.01 to 6566.52, indicating potential for forming a support base [1] - The SPX is trading below both the 200-day moving average at 6638.17 and the 50-day moving average at 6791.98, suggesting a "sell the rally" sentiment among traders [2] - If the index fails to hold above yesterday's low at 6316.91, there is significant downside potential [2] Fundamental Factors - Fed Chair Powell's comments regarding stable rates and no urgency for hikes, despite rising oil prices, have halted recent selling pressure and shifted rate hike expectations, with traders pricing in minimal chances of a hike this year [3] - The easing of rate pressure has led to renewed buying interest, particularly in growth and tech stocks that had faced challenges throughout the month [4] Geopolitical Influences - Reports of Trump being open to winding down the war with Iran have positively influenced market sentiment, attracting fresh buyers across major indexes [5]