{"id":17294,"date":"2023-06-02T12:59:05","date_gmt":"2023-06-02T16:59:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nasdaq-hits-highest-level-since-last-april-dow-on-pace-for-2nd-best-day-of-2023\/"},"modified":"2023-06-02T12:59:07","modified_gmt":"2023-06-02T16:59:07","slug":"nasdaq-hits-highest-level-since-last-april-dow-on-pace-for-2nd-best-day-of-2023","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17294","title":{"rendered":"Nasdaq Hits Highest Level Since Last April, Dow On Pace For 2nd-Best Day Of 2023"},"content":{"rendered":"
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Topline<\/h2>\n

The tech-heavy Nasdaq hit a 14-month high Friday, largely driven by massive gains from a handful of the widely-tracked tech index\u2019s largest companies, while the Dow Jones Industrial Average is set for its best day in five months as optimism is aplenty on Wall Street.<\/p>\n

Key Facts<\/h2>\n
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The Nasdaq Composite rose to as high as 13,252 in morning trading, its highest level since April 21, 2022, wiping out what was once as steep as a 40% loss last year as investors dumped rate-sensitive tech stocks as the Federal Reserve hiked interest rates to their highest level since the mid-2000s.<\/p>\n<\/p><\/div>\n

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But largely resilient earnings and unfettered optimism about what artificial intelligence could mean for future bottom lines helped the Nasdaq surge 27% so far this year, far outpacing the S&P 500 and Dow Jones Industrial Average\u2019s 12% and 2% year-to-date gains, respectively.<\/p>\n<\/p><\/div>\n

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Buoying the Nasdaq\u2019s recovery are the mega-cap companies largely generating the biggest AI buzz; chipmakers Nvidia and AMD and generative AI leaders Alphabet and Microsoft are each up more than 40% year-to-date.<\/p>\n

<\/fbs-ad>\n <\/div>\n

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The Nasdaq\u2019s milestone Friday came amid a strong day overall for stocks, as the S&P and Dow each gained more than 1% after government data revealed a strong labor market.In fact, the Dow\u2019s 600-point gain marks its best day since January 6.<\/p>\n<\/p><\/div>\n<\/div>\n

Big Number<\/h2>\n

$3.6 trillion. That\u2019s how much market cap the seven biggest companies listed on the Nasdaq (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta) have gained in 2023.<\/p>\n

Key Background<\/h2>\n

The U.S. economy \u201cis not showing strong signs\u201d that a recession will come this year, Oanda analyst Ed Moya declared Friday, saying steady output and consumer spending is \u201cshort-term good news for the stock market.\u201d The Nasdaq is coming off of its worst year since 2008 after it crashed 33%, losses that far outpaced the Dow\u2019s and S&P\u2019s. Fueling the tech investor fire was the November release of the viral, Microsoft-backed ChatGPT AI chatbot, which led to a spike in investments in generative AI developments and the hardware powering the technology.<\/p>\n

Surprising Fact<\/h2>\n

The CBOE VIX Index, a volatility metric which acts as a \u201cfear gauge\u201d for Wall Street, sank nearly 6% Friday to its lowest level since February 2020, shortly before pandemic lockdowns.<\/p>\n

<\/h2>\n

Nvidia Hits $1 Trillion Market Value (Forbes<\/em>)<\/p>\n

These 7 Tech Stocks Command Almost 90% Of The S&P 500\u2019s Gains\u2014Signaling Market Rally May Not Be So Healthy (Forbes<\/em>)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline The tech-heavy Nasdaq hit a 14-month high Friday, largely driven by massive gains from a handful of the widely-tracked tech index\u2019s largest companies, while the Dow Jones Industrial Average is set for its best day in five months as optimism is aplenty on Wall Street. Key Facts The Nasdaq Composite rose to as high […]<\/p>\n","protected":false},"author":1,"featured_media":17295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-17294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nNasdaq Hits Highest Level Since Last April, Dow On Pace For 2nd-Best Day Of 2023 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline The tech-heavy Nasdaq hit a 14-month high Friday, largely driven by massive gains from a handful of the widely-tracked tech index\u2019s largest\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=17294\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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