Nasdaq 100 Marks Second-Best 6-Month Performance In History, Nullifies Fed-Led Losses: But Troubling Chart Sparks Alarm
Portfolio Pulse from Piero Cingari
The Nasdaq 100 Index has marked its second-best 6-month performance in history, with a 39% gain, largely due to Apple Inc's surge back to a $3 trillion market cap. The index, tracked by the Invesco QQQ Trust, has fully recouped losses from the Federal Reserve's 500 basis-point rate hikes over the past fifteen months. However, the performance mirrors the dot-com bubble of 1999, sparking concerns of a potential downturn.
June 30, 2023 | 5:39 pm
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POSITIVE IMPACT
Apple's surge back to a $3 trillion market cap has significantly contributed to the Nasdaq 100's strong performance.
Apple's strong performance and high market cap have a significant impact on the Nasdaq 100 due to its large weighting in the index. This has helped the index recoup losses from the Federal Reserve's rate hikes.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco QQQ Trust, which tracks the Nasdaq 100, has also seen strong performance, recouping losses from the Federal Reserve's rate hikes.
As the Invesco QQQ Trust tracks the Nasdaq 100, it has also benefited from the strong performance of the index, particularly from Apple's surge. However, the similarities to the dot-com bubble could suggest potential risks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80