In This Article:
Meta Platforms (META) and Nvidia (NVDA) shares are moving higher in Friday's pre-market session after the Nasdaq 100 (^NDX) closed Thursday at a record high, pushed higher by tech stock vitality in 2024.
Yahoo Finance Market Reporter Josh Schafer points to the roles AI enthusiasm and tech earnings from the Magnificent Seven will play in propelling markets higher after a shaky start to the year.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
BRAD SMITH: Futures racing higher this morning, as tech stocks breathe life back into the sluggish market. Meta and NVIDIA, two leaders in 2023's Magnificent Seven rally helping bring stocks out of their slump, as Meta CEO Mark Zuckerberg says, the company's, quote, "future roadmap for AI includes 350,000 of NVIDIA'S H100 graphics cards."
This follows more great chip industry news from Taiwan Semiconductor, as well as a bullish call on Apple's stock. All of these news pushing the NASDAQ 100 to close at an all-time high on Thursday, according to Bank of America. Close to that all time high there here. We're continuing to track that top gainers from last year. Once again, top pick for most investors.
We have "Yahoo Finance's" Josh Schafer with us to break down more. Josh, what more do we need to say?
[LAUGHS]
JOSH SCHAFER: AI.
BRAD SMITH: AI.
JOSH SCHAFER: Well, I think we could say AI and hang up the phone. We're back-- we're back--
SEANA SMITH: It seemed like a Davos. Everyone was talking about AI.
JOSH SCHAFER: We're back to that moment. We spent two months talking about regional banks, and talking about some different trades, and getting people excited about other things that don't have to do with tech. And then if you really look at the market action over the first three weeks, you could just own the Magnificent Seven and go home because the Magnificent Seven is what is driving this market again, when you look at performance, when you look at it compared to the S&P 500 like we're showing on your screen now, outperforming the S&P 500 in the month when we're talking about just January.
And then you see the Russell 2000 really coming back to Earth in the month after that big rally. We've had the Russell 2000, of course, a pretty regional bank heavy index. Interesting to just see this trade, guys. But also important, I think, for the market, when we talk about how big tech is overall weighting in the S&P 500, and being able to bring us higher.