Apple, Meta hot streaks fuel Nasdaq 100’s July rally

New York: Major technology and internet stocks have rallied throughout this year, with July set to be the latest in a lengthy streak of monthly gains.

The Nasdaq 100 Index is up 3.6% this month and set for a fifth straight monthly gain, its longest such stretch since August 2020. It has risen 44% in 2023, with excitement surrounding artificial intelligence a primary driver behind the gains. The index is heavily weighted toward megacap internet and technology stocks, which have led the market higher over the year. Quarterly results out of the sector – including from stocks like Alphabet and Meta Platforms – have underlined how big tech continues to offer robust fundamentals.