Nasdaq Composite Live: Tech-Heavy Index Pushing to Higher Highs

After a brief pullback, the Nasdaq is pushing even higher.

Last trading at 21,242.70, if it can break above its prior high of 21,457, it could easily test 22,000 next. All thanks to solid earnings, positive economic data, and the potential for interest rate cuts.

Shares of Apple are set to rally again

Fueling upside in the Nasdaq, shares of Apple are still exploding higher on earnings and tariff news. Just days ago, Apple’s EPS of $1.57 beat estimates by 14 cents. Revenue of $94.04 billion, up 9.6% year over year, beat by $4.88 billion. Plus, according to analysts at Wedbush, Apple’s $100 billion investment in the U.S. is a “good strategic poker move for Cook.”

According to Wells Fargo, Apple’s $100 billion investment is all about tariff exemption.

“Apple’s announcement of an additional $100B investment in the US will (should) be viewed as more about posturing/a deal to minimize tariff impacts, i.e., companies committed to building in the US would be exempt from tariffs,” said analysts led by Aaron Rakers, as quoted by CNBC.

Whatever the case may be, it’s all positive for Apple bulls. 

Gold futures hit a record high on tariffs

Gold futures rocketed higher after a report that the U.S. would impose tariffs on imports of 1-kg gold bars. The tariffs on gold bars “will create a dislocation, or rather some issues in terms of settlement by big banks,” and this was reflected in liquidity prices this morning, with prices jumping everywhere, said Brian Lan, managing director at GoldSilver Central, Singapore, as quoted by CNBC.

Plus, with gold, it could race even higher, potentially testing $3,500 over the next three months, according to analysts at Citi. As just noted by the firm, “Citi raised its gold price forecast over next three months to $3,500 per ounce on Monday from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated,” as noted by Reuters.

And, according to Investing.com, “Gold’s rally to $4,000 is a question of ‘when,’ not ‘if,’ according to Yardeni Research, as mounting central bank demand and eroding confidence in the U.S. dollar drive the metal’s ascent. Unlike past gold surges tied to inflationary spirals, the current bull run is rooted in geopolitics and reserve diversification.”