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Tech Triumph: Nasdaq 100 Soars to New Heights in Market Revival

💬 STOCKS MENTIONED:

$AAPL⁠

$TSMC⁠

$SPX⁠

$NDX⁠

⁠

📝 SUMMARY:

The

Nasdaq 100⁠

reached an all-time high, propelled by a tech-led rally and bolstered by optimistic projections for the global tech sector in 2024. Companies like Apple Inc. (

$AAPL⁠

) and Taiwan Semiconductor Manufacturing Co. (

$TSMC⁠

) played significant roles in this surge. Despite strong labor-market data, which could slow the Federal Reserve's rate cut plans, investors remained upbeat. Fed officials, including Raphael Bostic and Patrick Harker, advised a cautious approach, noting inflation's expected decline towards targets.

⁠

Analysts see the current market optimism as a contrarian signal, indicating that a major shock is not imminent. The

S&P 500⁠

closed around 4,780, and the

Nasdaq 100⁠

increased by 1.5%, with a notable 3.5% rise in the chipmakers' index. Treasury yields and oil prices also saw fluctuations. Observers like Fawad Razaqzada suggest that central banks might not reduce rates as expected, potentially impacting market conditions.

⁠

Blackstone Inc. (

$BX⁠

) CEO Steve Schwarzman predicts a Fed rate cut, fueling market optimism. However, the S&P 500 faces challenges in surpassing its all-time closing record from two years ago. A technical analysis indicates continued bullish momentum, but analysts like Dan Wantrobski expect a "bumpy path" ahead.

Hedge funds show a high interest in technology stocks, reaching the highest level of net-long Nasdaq 100 futures in nearly seven years. Bank of America's survey points to tech-related growth shares as the most popular trade, anticipating Fed easing. Matt Maley from

Miller Tabak + Co.⁠

highlights the positive impact of recent chip industry developments on the stock market.

🔍 SOURCE:

https://www.bloomberg.com/news/articles/2024-01-17/stock-market-today-dow-s-p-live-updates?srnd=markets-vp⁠

⁠

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