Nasdaq 100 Hits Record High, Set For Best Annual Performance Since 1999 Tech Boom
Portfolio Pulse from Surbhi Jain
The Nasdaq 100 Index reached a new all-time high of 16,772.71, marking a 53% YTD increase and its best annual performance since the 1999 tech boom. The Invesco QQQ Trust ETF (QQQ) and Invesco NASDAQ 100 ETF (QQQM) also hit new highs. Apple (AAPL), Microsoft (MSFT), and NVIDIA (NVDA) are the top gainers, contributing significantly to the index's returns.
December 19, 2023 | 2:34 pm
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POSITIVE IMPACT
Apple Inc. saw a 52% YTD gain, contributing 4.9 percentage points to the Nasdaq 100's growth.
Apple's significant YTD gain and its substantial contribution to the Nasdaq 100's performance suggest a positive short-term impact on its stock price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Microsoft Corp. delivered a 56% return, accounting for 4.6 percentage points of the Nasdaq's total returns.
Microsoft's impressive return and its impact on the Nasdaq 100's overall performance indicate a positive short-term impact on MSFT's stock price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
NVIDIA Corp. achieved a 244% YTD gain, the top-performing component of the Nasdaq 100, contributing 4 percentage points to the index.
NVIDIA's exceptional YTD performance and its role as the top performer in the Nasdaq 100 suggest a strong positive short-term impact on NVDA's stock price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Invesco QQQ Trust ETF reached a new ATH of $408.36, reflecting the Nasdaq 100's strong performance.
The new all-time high for QQQ is directly tied to the Nasdaq 100's performance, indicating strong investor sentiment in the tech sector, which could lead to continued short-term bullish behavior.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Invesco NASDAQ 100 ETF also recorded a new ATH of $167.94, tracking the Nasdaq 100's gains.
Similar to QQQ, QQQM's new high is a direct result of the Nasdaq 100's surge, suggesting a positive short-term outlook for investors in this ETF.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90