Nasdaq Achieved More Than 300 Days Without Significant Pullback π
The tech-heavy Nasdaq-100 has gone 303 trading sessions without a pullback of 2.5% or more, the third-longest stretch since 1990, according to Jonathan Krinsky, chief market technician at BTIG.
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The Invesco QQQ Trust Series ETF QQQ, which tracks the Nasdaq-100 and is one of the most popular U.S.-traded ETFs, has marched to 14 straight record highs in 2024. Its most recent record arrived on Friday, when the ETF rose 1.5% to finish at $445.61.
Nasdaq-100 has been achieving these records without the help of Apple Inc., (AAPL) once considered an indispensable constituent of the index. While Apple was down 9.1% so far this year, the Nasdaq-100 was up 8.3%, according to FactSet. Divergence in the performance of a popular group of megacap technology stocks has been growing since the beginning of 2024, while all of the so-called Magnificent Seven tech stocks helped drive gains for the S&P 500 in 2023.
Take Monday's session for example: Nvidia Corp. (NVDA) is up 3.6% on Monday, while Tesla Inc. (TSLA) was down 7.2%. Alphabet Inc. (GOOGL) was down 2.8%. And Apple (AAPL) was down 2.5%.
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"The dispersion under the surface shouldn't be ignored. Yes, it's encouraging to see some broadening beyond the 'AI' trade, but the continued one-way move in many momentum names is ultimately going to have some ramifications, even if only short-term in nature," Krinsky said.
The weakness in several megacap names weighed on the Nasdaq on Monday. Both the Nasdaq-100 NDX, which includes the 100 largest nonfinancial stocks trading on the Nasdaq, and the Nasdaq Composite COMP, which includes more than 3,000 stocks listed on the exchange, finished 0.4% lower.
The S&P 500 SPX also eked out a loss after briefly turning positive. The Dow Jones Industrial Average DJIA finished lower as well.
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