Apple, Meta Hot Streaks Fuel Nasdaq 100’s July Rally

Major technology and internet stocks have rallied throughout this year, with July the latest in a lengthy streak of monthly gains.
The $NASDAQ 100 Index (.NDX.US)$ Nasdaq 100 Index rose 3.8% this month, its fifth straight monthly gain. This represents its longest such stretch since August 2020. It has risen 44% in 2023, with excitement surrounding artificial intelligence a primary driver behind the gains.
The index is heavily weighted toward megacap internet and technology stocks, which have led the market higher over the year. Quarterly results out of the sector — including from stocks like $Alphabet-C (GOOG.US)$ $Alphabet-A (GOOGL.US)$ Alphabet Inc. and $Meta Platforms (META.US)$ Meta Platforms Inc. — have underlined how big tech continues to offer robust fundamentals.

$Apple (AAPL.US)$ is the biggest component of the Nasdaq 100, comprising nearly 12% of the index weight. The iPhone maker rose 1.3% over the month of July, making for its seventh straight positive month, its longest since 2014. The stock is up more than 50% this year.

The next test for Apple will come later this week, when it reports its third-quarter results on Aug. 3. $Amazon (AMZN.US)$ Amazon.com Inc. is also due to report on the same day. The e-commerce and cloud-computing company is another megacap that has been on a lengthy streak. Shares of Amazon rose 2.6% this month, its fifth straight monthly gain and longest since 2018.
The stock has risen nearly 60% in 2023.

Perhaps most notably, $Meta Platforms (META.US)$ Meta Platforms rose 11% in July, in its ninth straight positive month. This is the longest streak of monthly gains on record for the Facebook parent, which last week reported strong quarterly results and gave a bullish forecast.