Nasdaq 100 Hits Record High at 18,940 Points

Nasdaq 100 Hits Record High at 18,940 Points

Lena Kuznetsova
2 min read

Nasdaq 100 Hits Record High Amid Tech Surge and Service Sector Growth

The Nasdaq 100 reached a historic high of 18,940 points, driven by robust expansion in the service sector and substantial gains in technology stocks. The collective market cap of the top seven tech giants surged to $15 trillion, with the iShares Semiconductor ETF (SOXX) experiencing its most impressive performance in three months. Following encouraging earnings, Hewlett Packard Enterprise witnessed a remarkable 13% increase, while meme stocks such as GameStop and AMC rallied, climbing by 12.4% and 7.6% respectively. The broader market also experienced positive momentum, as the S&P 500 approached its all-time high and small-cap stocks registered a 1.2% rise. Additionally, commodities, including gold, oil, and natural gas, exhibited upward trends, and Bitcoin marked its fifth consecutive day of gains.

Key Takeaways

  • Nasdaq 100 set a new high at 18,940 points, bolstered by the growth in the service sector and advancements in tech stocks.
  • The combined market value of the top seven tech companies reached an astounding $15 trillion.
  • iShares Semiconductor ETF SOXX achieved its most substantial performance in three months.
  • Hewlett Packard Enterprise surged by 13% post-earnings; meme stocks GameStop and AMC rose by 12.4% and 7.6%, respectively.
  • The S&P 500 Index climbed by 0.9% to 5,335 points, approaching its peak.


The Nasdaq 100's unprecedented escalation, attributed to the robust growth in the service sector and the surge in technology stocks, embodies investors' unwavering confidence in the resilience of the tech industry. This remarkable upturn, impacting major tech entities known as the "Magnificent Seven" with a combined valuation of $15 trillion, signifies a reinforcement of their market domination. The surge in semiconductor ETFs and individual stock performances, encompassing Hewlett Packard and meme stocks, points towards diverse investor interests, potentially resulting in heightened market volatility and increased regulatory scrutiny in the short term. Meanwhile, long-term repercussions could encompass consolidation within the tech sector and potential market saturation.

Did You Know?

  • iShares Semiconductor ETF (SOXX): An exchange-traded fund that tracks the ICE Semiconductor Index, offering investors exposure to a broad spectrum of semiconductor companies. This ETF facilitates diversified investments in this sector without the necessity of individually selecting stocks.
  • "Magnificent Seven" Tech Companies: An informal term denoting the seven most prominent and influential technology firms in terms of market capitalization. Typically, these include industry giants such as Apple, Microsoft, Alphabet (Google), Amazon, Facebook (Meta), Tesla, and NVIDIA. They hold substantial sway in the tech sector and significantly impact overall market trends.
  • Meme Stocks: Stocks that have gained substantial popularity through social media platforms and online forums, often being driven more by the enthusiasm of individual investors rather than traditional fundamentals. Examples include GameStop and AMC, which have witnessed significant price fluctuations due to coordinated buying activities on platforms such as Reddit's WallStreetBets.

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