Nasdaq 100 posts best 6-day gain since late 2022 as traders ride bull market wave: Tech stocks on the move Thursday – Cisco Systems (NASDAQ:CSCO), Kraft Heinz (NASDAQ:KHC)
The technology-heavy Nasdaq 100, tracked by the Invesco QQQ Trust, Series 1 QQQclosed 2.5% higher on Thursday, marking its sixth consecutive positive session and a strong recovery after the index entered a correction zone due to the sell-off earlier in the month.
Up 9% over the past six sessions, it’s the best six-day run since November 2022 and a sign that bullish sentiment remains strong among traders who seized the opportunity and bought technology stocks on dips.
From a technical perspective, Thursday’s session represents an important checkpoint for the Nasdaq 100 as the index climbed back above its 50-day moving average after falling below it on July 24.
Chart: Technology stocks break 50-day moving average and post strongest 6-day gain in nearly two years
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Within the technology sector, semiconductor stocks recorded the largest gains. VanEck Semiconductor ETF SMH rose 16% over the past six sessions, the biggest increase since late 2022.
The main reason for the recovery in equity markets was the easing of recession fears that emerged earlier in the month, especially for technology stocks, which were hit the hardest earlier in the month.
The U.S. economy did not appear to be as sluggish as some economic data from early August suggested – particularly the disappointing July employment report.
The number of initial jobless claims has unexpectedly declined over the past two weeks, raising legitimate doubts that the rise in the unemployment rate in July from 4.1% to 4.3% was merely a temporary anomaly rather than a sign of deeper problems in the labor market.
Retail sales also beat expectations by a wide margin in July, rising 1% month-on-month – the fastest pace since January 2023. Not exactly what you would expect from an economy on the brink of recession.
The five best 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 TO | 6.76 |
| Lululemon Athletica Inc. LULU | 6.68 |
The five worst 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 |
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