Nasdaq 100’s Big Recovery Faces a Key Tipping Point
- The index has retraced about 50% of its bear-market selloff
- Gauge stands on cusp of a key resistance level: Oppenheimer
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Eighteen months since the start of a near year-long selloff, the Nasdaq 100 Index has recovered half the losses that pushed it into a bear market. The question now: can the tech-heavy gauge extend its rally?
Much of the answer likely lies within its seven biggest components, which between them have accounted for most of the index’s rebound. Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia Corp., Meta Platforms Inc., and Tesla Inc. have all gained at least 30% this year, with Nvidia and Meta both doubling. Without their contribution, the Nasdaq 100’s 24% advance this year, as of its last close, would shrink to just 4.1%, Bloomberg-compiled data show.