Nasdaq 100 Sees Best 6-Day Rally Since Late 2022 As Traders Ride Bull Market Wave: Tech Stocks On The Move Thursday
Portfolio Pulse from Piero Cingari
The Nasdaq 100, tracked by the Invesco QQQ Trust (QQQ), has experienced its best six-day rally since late 2022, closing 2.5% higher on Thursday. Semiconductor stocks, tracked by the VanEck Semiconductor ETF (SMH), also saw significant gains. Top performers included Marvell Technology (MRVL), Super Micro Computer (SMCI), Cisco Systems (CSCO), ON Semiconductor (ON), and Lululemon Athletica (LULU). The rally is driven by easing recession fears and better-than-expected economic data.
August 15, 2024 | 8:42 pm
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POSITIVE IMPACT
Cisco Systems (CSCO) gained 6.78% on Thursday, contributing to the Nasdaq 100's rally.
CSCO's gains are part of the broader positive trend in tech stocks.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Lululemon Athletica (LULU) gained 6.68% on Thursday, contributing to the Nasdaq 100's rally.
LULU's gains are part of the broader positive trend in the Nasdaq 100.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 50
POSITIVE IMPACT
Marvell Technology (MRVL) was one of the top performers in the Nasdaq 100, with an 8.71% return on Thursday.
MRVL's strong performance contributed to the overall rally in the Nasdaq 100.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
ON Semiconductor (ON) saw a 6.76% return on Thursday, making it one of the top performers in the Nasdaq 100.
ON's strong performance is indicative of the bullish sentiment in semiconductor stocks.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) closed 2.5% higher, marking its best six-day rally since late 2022, driven by bullish sentiment and easing recession fears.
The QQQ tracks the Nasdaq 100, which has seen a significant rally, indicating strong investor confidence in tech stocks.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Super Micro Computer (SMCI) saw an 8.59% return on Thursday, making it one of the top performers in the Nasdaq 100.
SMCI's strong performance is indicative of the bullish sentiment in tech stocks.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
The VanEck Semiconductor ETF (SMH) surged 16% over the last six sessions, marking its strongest streak since late 2022, driven by gains in semiconductor stocks.
Semiconductor stocks have seen significant gains, driving the performance of the SMH ETF.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80