The Nasdaq 100, tracked by the Invesco QQQ Trust, Series 1 QQQ, closed Thursday 2.5% higher, marking a robust rebound after a correction. This surge, a 9% rally over the past six sessions, is the index’s best run since November 2022. Traders are seizing the bull market wave, snapping up tech stocks on the dip with fervor.
Thursday’s session marked a pivotal moment for the Nasdaq 100, as the index surged back above its 50-day moving average after slipping below on July 24.
Tech Stocks Break Above 50-Day Average, Notch Strongest 6-Day Rally In Nearly Two Years
Among tech sectors, semiconductor stocks shone brightly, with the VanEck Semiconductor ETF SMH rising by an impressive 16% over six sessions, its most impressive streak since late 2022. The revival in stock markets, especially in tech, can be attributed to waning recession fears that gripped the market earlier this month.
Recent economic indicators paint a more promising picture than initially feared. Initial jobless claims have slumped unexpectedly over the past fortnight, hinting that the rise in the July unemployment rate may not signal deeper labor market issues. Additionally, July’s robust 1% increase in retail sales outpaced predictions, defying recessionary expectations.
Top Five Performing Nasdaq 100 Stocks On Thursday
| Name | % Return |
| Marvell Technology, Inc. MRVL | 8.71 |
| Super Micro Computer, Inc. SMCI | 8.59 |
| Cisco Systems, Inc. CSCO | 6.78 |
| ON Semiconductor Corporation ON | 6.76 |
| Lululemon Athletica Inc. LULU | 6.68 |
Worst Five Performing Nasdaq 100 Stocks On Thursday
| Name | % Return |
| Mondelez International, Inc. MDLZ | -1.32 |
| O’Reilly Automotive, Inc. ORLY | -1.24 |
| T-Mobile US, Inc. TMUS | -0.96 |
| Verisk Analytics, Inc. VRSK | -0.90 |
| The Kraft Heinz Company KHC | -0.88 |