Nasdaq flat prebell July 10 after AI-led breakout to all-time high
Nasdaq set a new all-time high at 20,645
The Nasdaq Composite Index delivered a strong performance midweek, underlining the market’s renewed appetite for risk and the continued power of the AI-driven rally.
On Wednesday, the index jumped over 1.1%, breaking above last week’s high at 20,625 and setting a fresh all-time high at 20,645. However, the enthusiasm faced some selling pressure later in the day, leading to a close at 20,610, just below last week’s high.
- Nasdaq set a new all-time high at 20,645 on Wednesday, July 9
- Tech stocks led the charge as Nvidia hit $4 trillion valuation
- Nasdaq holds flat near record highs as markets await US jobless data and Fed comments
The move on Wednesday came on volume higher than the past six trading days, signalling genuine participation from institutional and retail investors. This surge not only erased the early-week losses but also turned the week into net gains, highlighting how quickly sentiment can flip when heavyweight stocks lead the charge.
NASDAQ price dynamics (June - July 2025). Source: TradingView
Tech giants played a central role in this rally. Microsoft and Nvidia both posted record highs on Wednesday, reinforcing the narrative that AI remains a major growth engine. Nvidia’s milestone valuation of $4 trillion captured headlines and showcased the market’s confidence in AI chip and data center businesses. This momentum spilt across the entire tech sector, helping lift the broader index.
Investors appear increasingly indifferent to external political risks, including Donald Trump’s unpredictable tariff announcements. Instead, focus has shifted to earnings strength, innovation, and AI revenue potential. The rotation of capital back into high-growth sectors shows that traders are willing to overlook trade war noise and inflation jitters in favor of long-term tech bets.
Nasdaq sentiment firm despite tariff noise amid strong AI and earnings narrative
Today, Thursday, the Nasdaq is holding steady, trading little changed as markets await fresh economic signals. U.S. unemployment claims data and remarks from Federal Reserve Governor Christopher Waller are set to provide new direction. The labour market remains a key factor for monetary policy, and any deviation from forecasts can spark price adjustments across equities. If claims come in lower than the forecast of 236,000, it could reinforce confidence in economic resilience, which would generally support stocks.
Meanwhile, Waller’s comments on interest rates will be closely analysed. Investors are looking for clues on whether the Fed might proceed with rate cuts this year as suggested in recent minutes. Signals of a more accommodative stance could further fuel risk-taking and support tech valuations.
Overall, the Nasdaq’s technical structure suggests a solid foundation for continued upside if economic data and Fed guidance cooperate. The index now finds itself testing levels near all-time highs, and any move beyond Wednesday’s peak could open the door for a stronger extension. However, if the data disappoints or if Fed rhetoric turns unexpectedly hawkish, profit-taking could drag the index back toward prior support levels.
Trump’s tariff announcement sparked a dip but Nasdaq still defended its bullish structure. The index bounced above key Fibonacci levels and held strong momentum signals.
