Nasdaq hits record high of 17,000, fueled by strong corporate earnings and AI growth

From Nasdaq: 2024-05-29 11:21:00

The Nasdaq Composite Index hit a new record high, surpassing 17,000 for the first time. Strong corporate earnings and the AI boom drove the tech-heavy index up by 13.4% this year. NVIDIA’s earnings success fueled optimism in the market. The global AI market is projected to reach $811.75 billion by 2030 with a CAGR of 36.6%.

NVIDIA lead the surge with spectacular earnings surpassing estimates. They also announced a stock split and a 150% hike in their cash dividend. Fund managers are bullish on interest rate cuts and a potential recession, driving optimistic sentiment among investors. However, concerns over stubborn inflation pose potential threats to market growth.

Super Micro, Vital Farms, Powell Industries, NVIDIA, and AppLovin are standout stocks that have doubled in value this year. These picks have Zacks Rank #1 or #2 and strong growth potential. Opportunities abound for investors looking for potential double-digit gains as these stocks continue to perform exceptionally well.



Read more at Nasdaq: 5 Top-Ranked Stocks Powering Nasdaq’s Rally to the 17,000 Mark