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Nvidia, Tech Stocks Propel Nasdaq 100 To Record High; Solar Sector Shines, Meme Stock Bubble Bursts: This Week In The Market

Tech stocks in the Nasdaq 100, as tracked by the Invesco QQQ Trust (NASDAQ:QQQ), soared to record highs during the week, marking their fifth consecutive week of gains — the longest streak since January — driven by Nvidia Corp.‘s (NASDAQ:NVDA) exceptional earnings report. Shares of the artificial intelligence giant surged over 9% following its first-quarter financial results, which revealed a 262% year-over-year increase in sales, exceeding expectations and sparking a broad-based rally in semiconductor stocks. Solar stocks, as monitored through the Invesco Solar ETF (NYSE:TAN), enjoyed their best week since December 2023, potentially in response to President Joe Biden's increased tariffs on Chinese imports, including a significant hike on solar cells. Risk sentiment waned in non-tech sectors, as hawkish Fed meeting minutes and S&P Global's business surveys indicated renewed ...