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Nasdaq Hits Record High on Tech Rebound
22 Sep
Summary
- Nasdaq reached an intraday record high, recovering lost ground.
- Oil prices fell, boosting market appetite for risk assets.
- Technology stocks led the resurgence, driven by AI demand.
The Nasdaq Composite reached an intraday record high on Tuesday, marking a significant recovery for technology stocks. This achievement came as oil prices declined, which generally improves investor sentiment and risk appetite.
Technology shares regained prominence, driven by persistent demand for artificial intelligence and resilient corporate earnings. Notably, chipmaker AMD's market valuation surpassed $1 trillion, contributing to a broader surge in semiconductor stocks. The Philadelphia SE Semiconductor index also saw a substantial increase.
This rebound is particularly noteworthy given the Nasdaq's earlier dip in July, which was attributed to concerns about AI spending impacting profitability. The benchmark S&P 500 and the Dow Jones Industrial Average had already achieved record highs earlier in August, making the Nasdaq the final major index to reach this recovery milestone.
As of Tuesday morning, the Dow Jones Industrial Average and the S&P 500 also showed gains. Market breadth indicated more advancing issues than decliners on both the NYSE and Nasdaq exchanges. The Nasdaq Composite recorded 12 new highs and 26 new lows during the trading session.
