The NASDAQ 100 has shrugged off this week’s surge in real US Treasury yields amid a mixed bag of earnings reports from some of the ‘Magnificent 7’. (See Chart 1.) This suggests to us that the earlier pull-back in the index wasn’t a harbinger of a far bigger correction anytime soon. On the contrary, we suspect the index will rise much further between now and end-2025, as excitement around AI grows.
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