The technology heavy Nasdaq 100 exchange starts the new trading week coming off its biggest weekly gain since last November.
In the last five trading sessions, the Nasdaq 100 has increased 4%. As January draws to a close, the Nasdaq 100 is up 12% to start 2023.
The index has benefitted from rises in several leading technology stocks, including Tesla (TSLA), Meta Platforms (META), and Nvidia (NVDA), each of which has gained more than 20% to start the year.
The coming days could be a make-or-break period for the Nasdaq 100 however, as major technology companies such as Apple (AAPL) and Amazon (AMZN) report quarterly earnings.
Technology companies have been the main beneficiaries of growing signs that U.S. inflation is continuing to decline.
The Nasdaq 100 is coming off a bruising 2022 when the index finished the year down about 10%. The broader Nasdaq Composite exchange ended last year down more than 30%, one of its worst performances ever.
Economists and investors are hoping the U.S. Federal Reserve will raise interest rates only 25- basis points at its next policy meeting on February 1.
U.S. equity markets have started 2023 in a strong position. The benchmark S&P 500 index is on pace for its second-best January since the turn of the century, up 6.44% this month, behind only the 7.9% gain recorded in January 2019.
