The technology-laden Nasdaq (NDAQ) index is headed for its best Thanksgiving week performance since 2008, driven largely by the surging stock of Google parent company Alphabet (GOOGL).
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
So far this week, the Nasdaq is up more than 5% as the trade in artificial intelligence (AI) stocks is reignited and investors plow money back into names such as Tesla (TSLA), Apple (AAPL), and especially Alphabet, which is seen as an AI winner following the launch of its newest Gemini platform.
GOOGL stock is up 18% so far in November, including a 5% increase this week, helping to lift the overall market. Alphabet is now on the cusp of becoming only the fourth company to achieve a $4 trillion market capitalization after fellow technology giants Nvidia (NVDA), Microsoft (MSFT), and Apple (AAPL).
Crypto Recovery Gives Market a Lift
The Nasdaq, which is viewed as being closely aligned with cryptocurrencies, is also getting a lift as the price of Bitcoin (BTC) and other digital assets stage a recovery after a steep selloff over the past month. The price of BTC is now just over $91,000, having risen about 4% in the last 24 hours.
Bitcoin is staging a recovery as investors’ risk appetite returns and technology stocks look likely to stage a rally into year-end. Analysts say investors have turned more bullish as expectations rise for the U.S. Federal Reserve to cut interest rates by another 25 basis points at its Dec. 10 policy meeting. Lower interest rates benefit riskier assets such as technology stocks and crypto.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 38 Wall Street analysts. That rating is based on 31 Buy and seven Hold recommendations issued in the last three months. The average GOOGL price target of $312.00 implies 1.39% downside from current levels.
