Here Is What Is Ahead After AI Frenzy Drives Nasdaq To Best First Half Ever, GDP Surprise
Portfolio Pulse from The Arora Report
The Nasdaq is set to finish the best first half of the year ever, driven by the AI frenzy and the performance of seven key stocks: Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla. The Nasdaq is up about 30% compared to only 2% for Global X Dow 30 Covered Call ETF and 14% for S&P 500. The Q1 GDP-third estimate came at 2.0% vs. 1.3% consensus, indicating a strong economy in the first quarter. Initial jobless claims came at 239K vs. 266K consensus, indicating a robust jobs picture.
June 29, 2023 | 3:05 pm
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POSITIVE IMPACT
Apple is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, Apple's stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Amazon is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, Amazon's stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Alphabet is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, Alphabet's stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Meta Platforms is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, Meta Platforms' stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Microsoft is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, Microsoft's stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
NVIDIA is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, NVIDIA's stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla is one of the seven key stocks driving the Nasdaq's performance.
As one of the seven key stocks driving the Nasdaq's performance, Tesla's stock could see continued interest and potential growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The Invesco QQQ Trust Series 1 has stopped its rapid ascent, and the overbought condition has been relieved. The stock market can now go either way.
The trendline on the chart shows that the AI rally has slowed and QQQ has stopped its rapid ascent. This could indicate a potential change in market direction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Global X Dow 30 Covered Call ETF is up only 2% compared to the Nasdaq's 30%.
The ETF has underperformed compared to the Nasdaq, which could indicate a lack of investor confidence or interest.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80