Nasdaq 100 Hits Record as Big Tech Extends Climb After Election

Ryan Vlastelica
·1-min read

(Bloomberg) -- The Nasdaq 100 Index climbed to its first record since July in the wake of the US presidential election, which added to the year’s powerful bull market in megacap tech stocks.

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The index rose 2.7% on Wednesday, its biggest one-day gain since Aug. 8, and closed at an all-time high. It is now up 24% in 2024, and up 16% off an August low. The day’s gain came as investors bet the results of the election would result in a more favorable regulatory backdrop, though big tech has performed well throughout 2024 amid a boom in artificial intelligence.

Results this earnings season have reinforced the bull case for technology megacaps, with Alphabet Inc. and Tesla Inc. both seeing pronounced rallies following their reports. Amazon.com Inc. hit a record of its own on Wednesday, and also recently reported strong results.

“So far I’m encouraged, because it seems like fundamentals remain intact,” said Jim Awad, senior managing director at Clearstead Advisors. “The market has been wanting to see that there’s a benefit from all the spending on AI, and these reports indicate that it’s so. I think the rally will continue, and if you have any sort of long-term investment horizon, you need to be in these names.”

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