The Nasdaq 100 (NDX) secured a new all-time intraday high of 23,698 on Monday as tech stocks continue to trade higher amid a better-than-expected earnings backdrop. The tech index is up by nearly 13% year-to-date and has raced higher by 38.5% since cementing a low on April 8.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The AI revolution has propelled the Nasdaq 100 higher, with companies like Nvidia (NVDA), Broadcom (AVGO), and Advanced Micro Devices (AMD) all up by at least 30% year-to-date.
Economic Data Points and Negative Seasonality on the Horizon
Still, the Nasdaq 100 could face volatility in the coming days and weeks. The Bureau of Labor Statistics (BLS) is set to announce July’s Consumer Price Index (CPI) report tomorrow, providing a glimpse of how President Trump’s tariffs are affecting consumers. The Fed is also scheduled to meet on September 16-17 for its Federal Open Market Committee (FOMC).
What’s more, the market has historically peaked in August during post-election years before resuming the uptrend in October, according to Carson Group Chief Market Strategist Ryan Detrick.
Head over to TipRanks’ Stock Analysis and News feed for the latest breaking stories.
