Nasdaq hits 17,000 milestone due to tech boom, but concerns raised about potential weakness ahead.

From Yahoo Finance: 2024-06-03 04:59:23

Last week, the Nasdaq Composite crossed the 17,000 mark for the first time, marking a significant milestone in the ongoing tech boom fueled by generative AI advancements. Companies like Nvidia, Anthropic, and OpenAI are at the forefront of this trend. HP Inc. CEO Enrique Lores highlighted the impact of AI on the company’s second-quarter guidance, while Chewy CEO Sumit Singh and Abercrombie & Fitch CEO Fran Horowitz discussed how automated technology is driving sales and margin expansion. However, disappointing numbers and guidance from Salesforce have raised concerns about the health of the tech sector, with fewer Nasdaq 100 stocks holding above key moving averages, signaling potential weakness ahead. Market experts suggest a possible pullback in top tech stocks this summer as investors reassess valuations and seek out potential values within the Nasdaq.



Read more at Yahoo Finance: Here’s what’s really bothering me about the exploding Nasdaq