Nasdaq Composite Retests its All-Time High
The Nasdaq Composite Index leapt by 2.96% to bring it a hair shy of its all-time high of 16,057 as Nvidia surged 16.4% on the back of both revenue and bottom line beat. On a year-on-year basis, Nvidia’s topline surged by 265% to $22 billion while its net income spiked by 769% to $12.30 billion in the fourth quarter of 2023 on the back of robust AI business. With this, we can say that the ongoing bullishness in AI stocks in general is actually warranted. Having said that, we can deduce that the Nasdaq Composite Index, following an interim consolidation as it is now trading right at its resistance at its all-time high, may eventually swing higher and extend its ongoing bull run and lift the entire US equities markets as a whole. Hopefully, the continued bullishness in US stocks for the foreseeable future will also spill over in markets like the Philippines.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
