Nasdaq 100’s Historic Bull Run Has Further to Go, Evercore Says

The Nasdaq 100 Index has nearly doubled since the start of 2023, adding $14 trillion in value in the process. Evercore ISI’s Rich Ross is prepared for that rally to continue, shrugging off fears of a familiar nemesis: rising bond yields.

Treasury rates jumped to multi-month highs last week as investors parsed economic data for clues on the Federal Reserve’s next interest-rate cut following US President Donald Trump’s election victory. The win ignited bets that his economic plans — like large import tariffs and mass deportations of low-wage undocumented workers — would stoke inflation and hurt growth, reducing the Fed’s scope to lower borrowing costs. That’s dented the appeal of rate-sensitive sectors, especially those with elevated valuations like technology.