NDXUSD

After last week's uncertainty surrounding the Fed, the technology index will turn its focus entirely to economic data this week. For Nasdaq, the most important day of the week will be Wednesday. The ADP Nonfarm Employment data to be released will shed light on the labor market, while the ISM Services PMI will provide insight into the overall health of the US economy. Weak data could support an increase in technology stocks by strengthening expectations that the Fed might end interest rate hikes and approach a loosening phase. However, strong data could renew concerns that high interest rates will be maintained for a longer period, putting pressure on Nasdaq.