Nasdaq 100 Holds Above 28,280 After US-Iran Flare-Up

The Nasdaq 100 stayed above 28,280 on Friday, with E-mini Nasdaq futures up about 0.5% after President Trump said the ceasefire with Iran “remains intact.” The comment helped the index pare losses following a brief exchange of fire between U.S. and Iranian forces on Thursday.

On Thursday, May 7, traders trimmed positions after the exchanges of fire raised doubts about a month-long ceasefire and uncertainty over a U.S. proposal to reopen the Strait of Hormuz. The Nasdaq 100 fell as much as 1.3% from an intraday high of 28,825 but closed the session down 0.1%, underperforming the S&P 500 (-0.4%), the Dow Jones Industrial Average (-0.6%) and the Russell 2000 (-1.6%). By Friday morning, E-mini Nasdaq futures had recovered roughly 0.5%.

Technical readings show broad participation across components. As of May 7, 61% of Nasdaq 100 stocks traded above their 20-day moving averages, 59% were above their 50-day averages and 57% were above their 200-day averages, up from 47% on April 15.

A group of AI-related semiconductor and chip stocks accounted for a large share of recent gains. Over the past four weeks several major components posted double-digit returns, including Intel (+111%), SanDisk (+87%) and Advanced Micro Devices (+87%).

Price action remains inside a medium-term ascending channel that began March 31 and the index is trading in the channel’s upper half. Near-term resistance levels are 28,860–28,890 and 29,150, with an upper channel boundary near 29,505. Support levels are near 27,850, 27,540 and 27,255. The hourly MACD generated a bullish crossover above its centerline.

Market participants noted that headlines have driven intraday swings this week. The ceasefire comment coincided with the rebound in futures, while continued uncertainty over diplomatic responses and military incidents has kept volatility elevated.