Tech Bulls in Charge as Nasdaq 100 Surges
In a remarkable turn of events, the Nasdaq 100, dominated by the tech sector, experienced a resurgence on Thursday, closing the day 2.5% higher. This marked the sixth consecutive positive session for the index, showcasing a robust comeback after facing correction territory earlier in the month.
Bullish Momentum Reinforced by Tech Stock Surge
The 9% rally witnessed over the past six trading days represents the most substantial jump since November 2022. This impressive performance reflects the steadfast bullish sentiment prevailing among traders who seized the opportunity to scoop up tech stocks amidst recent market dips.
Technical Milestone: Nasdaq 100 Reclaims 50-Day Moving Average
Thursday’s session marked a pivotal moment for the Nasdaq 100 as it successfully climbed back above its 50-day moving average. This achievement followed a brief dip below the average on July 24, demonstrating the resilience and determination of tech stocks in the face of market volatility.
Tech Stocks Breakout: Stellar 6-Day Rally After Two Years
Market Rebound Fueled by Economic Optimism
The recent upswing in stock markets, particularly in the tech sector, can be attributed to the alleviation of recession concerns that emerged at the beginning of the month. Positive economic indicators, including strong retail sales data and a decline in initial jobless claims, have instilled confidence in investors about the resilience of the U.S. economy.
Top Performers in Nasdaq 100 on Thursday
| Name | % Return |
| Marvell Technology, Inc. (MRVL) | 8.71% |
| Super Micro Computer, Inc. (SMCI) | 8.59% |
| Cisco Systems, Inc. (CSCO) | 6.78% |
| ON Semiconductor Corporation (ON) | 6.76% |
| Lululemon Athletica Inc. (LULU) | 6.68% |
Underperformers among Nasdaq 100 Stocks
| Name | % Return |
| Mondelez International, Inc. (MDLZ) | -1.32% |
| O’Reilly Automotive, Inc. (ORLY) | -1.24% |
| T-Mobile US, Inc. (TMUS) | -0.96% |
| Verisk Analytics, Inc. (VRSK) | -0.90% |
| The Kraft Heinz Company (KHC) | -0.88% |