The Nasdaq Composite index has had a great year so far, and we're only a few months into 2024. Technology stocks, which dominate the index, have been driving this impressive performance. Companies like Google (NASDAQ:GOOGL) and Paramount (NASDAQ:PARA) have been making waves with their latest innovations and legal victories.
Tech giant Google (NASDAQ:GOOGL) unveiled its Axiom Arm chips at the Cloud Next conference in Las Vegas on Tuesday. These custom-built Arm-based servers are expected to revolutionize cloud computing and further solidify Google's position as a leader in the tech industry.
Call it a bit counter-intuitive, but studio legend and streaming giant Paramount (NASDAQ:PARA) recently brought out a win in court that likely saved it from a potentially costly legal battle. This victory has boosted investor confidence in the company and contributed to its strong performance on the Nasdaq.
The Canadian cannabis sector is witnessing a notable upswing, driven by recent developments including Tilray's (NASDAQ: TLRY) earnings report. This industry trend has also had a positive impact on the Nasdaq Composite index, as more cannabis companies list on the exchange.
Allbirds (NASDAQ:BIRD) has received a Nasdaq notice of non-compliance with the minimum bid price requirement. The company has until September 30, 2024, to rectify the situation and avoid potential delisting. This development has raised concerns among investors and analysts following the stock.
The Nasdaq Composite consolidates ahead of the US CPI report, signaling a cautious approach from investors as they await key economic data. The index's performance in the coming weeks will likely be influenced by this report and other macroeconomic factors.
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, has expressed optimism about the Nasdaq Composite index's performance. He believes that technology stocks will continue to lead the charge and deliver strong returns for investors in the long run.
Shares of Nasdaq Inc. inched 0.16% higher to $62.14 Monday, despite a challenging trading session for the overall stock market. This resilience demonstrates the strength of the Nasdaq index and its ability to outperform in turbulent market conditions.
