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Nasdaq maintained its gains heading into Wednesday’s close, after the technology-heavy index surpassed the 20,000 level for the first time in its 53-year history. As expected, the technology giants continued their winning streak, led by Alphabet (Google’s parent company) and Tesla.
In fact, all seven tech companies – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – added billions in market capitalization during the day.
20,000 points: Nasdaq reaches new heights, led by Alphabet
The index of technology companies rose 1.77% and closed at 20,034.89 points, reaching an all-time high and a closing record.
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For Alphabet, the 11% two-day rally was fueled by the launch of its latest quantum computing chip, which it revealed on Monday and described as a “major breakthrough and an important step in our journey to build a useful quantum computer with applications.” practices” in drug discovery, battery design and other areas.
As such, the technology giant’s shares ended the session up 5.5%, closing at $195.40 on December 11, surpassing its previous high of $191.18 reached on July 10 of this year.
Tesla shares rose nearly 6% on Wednesday to $424.77, surpassing their previous closing high of $409.97 on Nov. 4, 2021. The stock has soared 69% since Donald Trump’s election victory last month. past, amid Wall Street’s optimism that Tesla CEO Elon Musk’s close relationship with the incoming president will bear fruit.
For their part, Amazon, Apple and Meta have been hitting new highs regularly, although Apple fell 0.5% on Wednesday. Microsoft, by the way, is 4% below its July high, and chipmaker Nvidia is 6% below its record from last month.
The technology sector drives new records and promises more profits
The Nasdaq ATH points to a bullish outlook in the near term, supported by the strong performance of the technology sector and a favorable monetary policy environment. Giants like Alphabet, Nvidia and Tesla, along with growing support from retail and industry, look set to maintain this momentum.
Commenting on this fact, Tom Hainlin, senior investment strategist at US Bank Asset Management, said: “With inflation data meeting expectations, the FED is on track to ease monetary policy, which is supporting market gains.”
However, challenges in the energy sector and regulatory uncertainties in other sectors could introduce some volatility. As the year comes to a close, the market is positioned for further gains, although investors should remain vigilant for potential surprises.
I close with this phrase from Nassim Nicholas Taleb: “The Stock Market is like a ship: everyone looks outward, but few see the rocks.”
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