The Nasdaq 100 had been down 23% from its Feb 19 high to its April 8 low, briefly putting it in a bear market. But mega-cap tech names have powered the rebound, with Microsoft Corp., Nvidia Corp. and Apple Inc. each rising more than 20% since then.
The Nasdaq 100 Index turned higher for the year on Tuesday, reversing a roughly US$5 trillion ($6.52 trillion) rout, as enthusiasm for technology stocks grows with global trade tensions cooling after the Trump administration and China agreed to temporarily lower tariffs.
The tech-heavy benchmark rose 0.7% as of 9.53am in New York, putting it up 0.1% in 2025. Investors also were encouraged by the latest consumer price index reading Tuesday morning, which showed inflation rose less than expected in April, indicating that so far companies have had little urgency to pass on costs from higher tariffs.
