The Nasdaq Composite index, which is owned and operated by financial services company Nasdaq Inc. (NDAQ), rose to an all-time high on October 25, lifted by technology stocks such as Alphabet (GOOGL), Nvidia (NVDA) and Tesla (TSLA).
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The technology-laden Nasdaq rose 0.56% on the day to close 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 technology stocks that are marching higher ahead of their third-quarter financial results being released.
GOOGL stock rose 2% on the day ahead of its upcoming earnings scheduled for October 29. Nvidia’s share price finished the week nearly 3% higher, pushing its market capitalization to $3.47 trillion and putting it neck-and-neck with Apple (AAPL).
Tesla’s Big Bounce Higher
The Nasdaq got its biggest lift over the past week from electric vehicle maker Tesla, whose share price jumped more than 20% on October 24 after the company issued better-than-expected financial results for the year’s third quarter. TSLA stock closed out the trading week up 23%, pushing its market cap close to $850 billion.
The Nasdaq Composite index could rally further in the coming days as a slew of earnings reports from big tech companies are issued. Over the next week, Q3 financial results are due from companies such as Alphabet, Advanced Micro Devices (AMD), Microsoft (MSFT), Meta Platforms (META), Amazon (AMZN), and Apple.
The Nasdaq Composite has now risen for seven consecutive weeks, according to market data. NDAQ stock has gained 30% year-to-date.
Is NDAQ Stock a Buy?
The stock of Nasdaq Inc. has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on 10 Buy and five Hold recommendations issued in the past three months. There are no Sell ratings on the stock. The average NDAQ price target of $80.93 implies 8.35% upside from current levels.
