Nvidia, Meta Fuel Nasdaq 100 Quarterly Rally With Gains Over 70%

Big tech stocks powered robust gains on Wall Street in the first quarter of 2023, with some of the market’s most notable names posting their biggest quarterly advances in years.

The group has benefited from a number of tailwinds so far this year. Turmoil in the banking sector has investors focused on the sector’s safe-haven characteristics, including strong balance sheets and revenue streams that are seen as durable even in the event of an economic downturn. At the same time, concerns about the fallout from banks has contributed to the yield on the 10-year Treasury dropping below 3.5%, down from a recent peak above 4%, and removing a major overhang on tech multiples.