By Samir Al Khoury,
The Nasdaq 100 index reached 18,721 points yesterday, marking its highest level ever. This index has risen by 12% since the beginning of this year until yesterday’s close, and it has surged by about 33% from the low of 14,058 points recorded on October 26, 2023, to the peak of 18,721 points achieved yesterday. Based on this performance, the Nasdaq 100 is considered to be in a bull market. Yesterday’s gains were led by shares of Nvidia, Alphabet, Apple, Tesla, and Microsoft.
But how did the seven stocks, known as the Magnificent 7, perform from the beginning of the year until yesterday’s close?
1.Nvidia stock recorded an increase of approximately 94%.
2.Meta stock recorded an increase of approximately 32%.
3.Alphabet stock recorded an increase of approximately 28%.
4.Amazon stock increased by approximately 21%.
5.Microsoft stock rose by approximately 15%.
6.Apple stock rose by approximately 3%.
7.Tesla stock recorded a decline of approximately 25%.
The markets are closely awaiting the release of Nvidia’s business results today, along with its forward guidance, which will have a direct impact on the Nasdaq 100 index. Markets are betting that the Federal Reserve will begin lowering US interest rates in the next phase, potentially in September of this year, providing positive momentum for stocks.
Technically, we are witnessing an upward trend for the Nasdaq 100 index, especially with the occurrence of a bullish crossover, or Golden Cross, between the 20-day moving average in gray, which stands at 18,040 points, and the 50-day moving average in blue, which stands at 18,000 points. Additionally, the Relative Strength Index (RSI) is at 68 points and is starting to approach the overbought zone, indicating positive momentum for the Nasdaq 100.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.
Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.
Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.
Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.
Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.
Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.
*All trading involves risk.
