Big Tech’s $2 Trillion Rally Saves Nasdaq From Correction
Traders are betting Big Tech stocks will keep pushing higher
Focus turns to Nvidia earnings as Nasdaq flashes warning
Tweet on Big tech stocks
The buying spree of $2 trillion in market value fueled an abrupt U-turn in the Nasdaq 100 Stock Index that went from correction territory to a 15-month high!#nasdaq #StocksToBuy #finacail #news pic.twitter.com/AuyuXimBql
— The_Journalbiz (@the_journalbiz) November 17, 2023
Bloomberg chart
Investors were given plenty of opportunities to fret about the outlook for technology giants this earnings season. Instead, they doubled down on a strategy that has worked all year: piling into the biggest stocks.
That buying spree has fueled an abrupt U-turn in the Nasdaq 100 Stock Index that went from correction territory to a 15-month high in a matter of three weeks, adding roughly $2 trillion in market value along the way.
With optimism running high that a recession will be avoided, market professionals are looking to tech behemoths like Microsoft Corp. and Apple Inc. to lead the market higher in the final six weeks of the year despite stretched valuations.
@thejournalbiz
Source: Bloomberg
Image: Big Tech
