The Nasdaq Composite index is at an all-time high with a number of technology companies reporting their third-quarter financial results over the coming week.
The technology-laden Nasdaq rose 0.56% on Friday (Oct. 25) to close the trading session at 18,518.61. It was the first new all-time high reached by the Nasdaq since July of this year.
The index got a boost from a handful of technology stocks that have already announced their Q3 results, notably Tesla (TSLA) and Netflix (NFLX).
Shares of electric vehicle maker Tesla jumped more than 20% on Oct. 24 after the company issued better-than-expected financial results for the year’s third quarter.
Tesla’s stock closed out the trading week up 23%, pushing its market cap close to $850 billion U.S. Netflix stock rose after its Q3 print before pulling back at the end of the week.
Microchip giant Nvidia’s (NVDA) share price climbed nearly 3% higher over the past week, pushing its market capitalization to $3.47 trillion U.S. and putting it closer to Apple (AAPL).
The Nasdaq Composite has now risen for seven consecutive weeks.
The index could rally further in the coming days as a slew of earnings reports from big tech companies are issued.
In coming days, Q3 financial results are due from Alphabet (GOOG/GOOGL), Microsoft (MSFT), Meta Platforms (META), Amazon (AMZN) and Apple.
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