Tech Titans Triumph

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  • Tech stocks haven't fully recovered from a tough 2022, but the Nasdaq Composite had a sixth consecutive weekly rally, gaining 2% this week. Tesla led the way among valuable Nasdaq companies with an 11% increase, bringing its year-to-date gains to 74% after a significant decline in 2022.
  • Nvidia and Tesla, with a remarkable 169% surge in value this year, have played a significant role in driving the Nasdaq up by 27% in 2023. This impressive performance has far exceeded the gains made by the S&P 500 and Dow Jones Industrial Average. However, following its peak in late 2021, the Nasdaq experienced a substantial 33% decline last year, marking its most severe drop since the financial crisis. This decline was primarily driven by concerns over inflation and increasing interest rates. Despite the recent gains, the Nasdaq is still approximately 18% below its record high.

Why it matters

Stocks received a boost from a strong jobs report and the Senate passing a debt ceiling bill, averting default. Last week's gains were driven by Nvidia's earnings and optimism around AI technology, while this week lacked notable news in the mega-cap group but maintained upward momentum.


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