The Nasdaq Composite is up 1.9% and at a session high. The catalysts today are positive signs on the US debt ceiling along with a very strong earnings report from Nvidia, with company shares surging 26%.
The AI boom is in full swing and now the Nasdaq is a shade away from the May high and the best levels since last August.
Nasdaq Comp
While this is an impressive move, it’s going to take much more than AI to get the Nasdaq back up to the top of the chart. What could help would be falling inflation and a Fed pivot. That will come one day and makes the Nasdaq a tempting buy, though it’s far-from-clear that a pivot is coming any time soon.