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NASDAQ 100 surges while Dow barely moves as tech leads

The NASDAQ 100 is about 9% below its June peak near 30,750, even after rebounding roughly 700 points from the 27,200 area.

Reported · Written up by our desk · Indices

United States equities rebounded on Thursday, but the split was stark, with the NASDAQ 100 climbing toward 27,950 after gaining almost 3% and printing a low near 27,200 within the opening minutes, according to FXStreet.

The Dow Jones Industrial Average, which also holds many mega-cap names but is weighted differently, was up around 200 points near 51,800, despite the strong move in parts of the technology complex.

FXStreet pointed to company-specific drivers behind the NASDAQ 100 performance, citing Microsoft up about 15% on cloud growth, and a semiconductor-related rally with a benchmark chip fund higher by more than 8%. In contrast, Meta Platforms was down about 9% on a soft revenue forecast and a reported 91% drop in second-quarter free cash flow, even as the index recovered more than 700 points from its low.

The session rally did not erase longer-term technical gaps, FXStreet said, with the NASDAQ 100 stopping roughly 700 points short of the 50-day EMA near 28,800 and still sitting about 9% beneath the June peak just above 30,750. The advance also appeared narrow, with fewer than half of S&P 500 sectors positive and information technology up around 4% along with consumer discretionary up about 1.3%, as equities tracked oil price pressure tied to events involving Iran and attacks in the region.

Latest closeS&P 500 7,316.15 ▼1.5%|Nasdaq Comp. 24,442.94 ▼1.7%|Dow Jones 51,594.14 ▼2.2%

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