Nasdaq hits all-time high

Company News

by Finance News Network

On Friday, the Nasdaq Composite surged to an all-time high, ending a turbulent week with a strong rally led by tech giants. The Nasdaq rose 1.3%, outperforming other indices, while the S&P 500 gained 0.6%, both reaching new peaks. In contrast, the Dow Jones Industrial Average saw only a modest increase of 0.1%, adding 38 points.

The momentum in the Nasdaq was largely driven by anticipation around earnings reports from leading tech companies. Apple climbed 0.91% and Nvidia jumped 2%, reflecting investor confidence in the technology sector. Nvidia was briefly the most valuable company in the world on Friday, before Apple regained its position. Other major tech stocks like Meta, Amazon, Microsoft, and Netflix also saw gains of over 1%, boosting the overall index. These moves come before their earnings announcements, suggesting optimism about their upcoming financial performance.

A retreat in the 10-year Treasury yield to 4.21% from a recent high of 4.25% provided additional support to the market. The easing yield gave relief to interest rate-sensitive tech stocks, which had faced pressure earlier in the week. Despite the positive moves, the broader market remains cautious, with the S&P 500 on track to break a six-week rally, and the Dow losing 0.4% for the week.

In contrast, the Nasdaq posted its seventh consecutive weekly gain, rising 0.3% over the past five trading days. Analysts attribute this trend to renewed interest in technology sectors, particularly in AI and cloud computing, as well as improved consumer sentiment. However, market experts caution that economic uncertainties, including Federal Reserve policy shifts, could introduce volatility in the coming weeks.

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