The Nasdaq 100 Index just delivered its best weekly performance since October 2023, ripping 5.9% higher and closing five straight sessions in the green.
This rally comes on the heels of last week's shocking 5.8% plunge—the index's worst week since nearly two years.
Tech Stocks Have Rallied 5.9% This Week, Erasing Last Week's Losses
Image: Benzinga Pro
What sparked the surge? Investors were stoked by a solid batch of economic data, showing tame inflation, steady jobless claims, and an upbeat consumer sentiment report.
This data has reinforced market expectations that the Federal Reserve will announce its first interest rate cut in more than four years during its upcoming meeting next week.
There is currently an even split in market odds between a 25-basis-point cut and a more aggressive 50-basis-point cut, with the latter gaining traction in recent hours, as per CME FedWatch tool.
A recent Goldman Sachs analysis showed how the stock market historically performed after the initial rate cut.
If the U.S. economy avoids a recession following the cut, stock market performance tends to be positive over the next three to six months. However, if a recession occurs, stocks typically underperform after a rate cut.
7 Top-Performing Tech Stocks This Week
Several tech stocks delivered impressive gains over the past five days, contributing to the overall Nasdaq 100 rally. Below are the top-performing stocks:
Name
Price Chg. % (5D)
Industry
Arm Holdings pic (NASDAQ:ARM)
26.00%
Semiconductors and Semiconductor Equipment
Broadcom Inc. (NASDAQ:AVGO)
22.53%
Semiconductors and Semiconductor Equipment
Super Micro Computer, Inc. (NASDAQ:SMCI)
18.39%
Technology Hardware, Storage and Peripherals
Warner Bros. Discovery, Inc. (NASDAQ:WBD)
17.24%
Entertainment
NVIDIA Corporation (NASDAQ:NVDA)
15.81%
Semiconductors and Semiconductor Equipment
Advanced Micro Devices, Inc. (NASDAQ:AMD)
13.60%
Semiconductors and Semiconductor Equipment
Constellation Energy Corporation (NASDAQ:CEG)
13.24%
Electric Utilities
Silver Miner ETFs Notch Best Week Since April 2020 As Rate-Cut Bets Boost Precious Metals: 5 Stocks Surge Over 20% This Week
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This data has reinforced market expectations that the Federal Reserve will announce its first interest rate cut in more than four years during its upcoming meeting next week. 
このデータは、連邦準備制度理事会が来週の会合で4年ぶりの利下げを発表することに関する市場の期待を強化しました。 