Nasdaq Scores Longest Winning Streak Since 1992 as Historic Stock-Market Comeback Continues

Why It Matters

The sustained Nasdaq advance signals renewed confidence in AI‑linked and broader tech equities, prompting capital inflows that could reshape portfolio allocations across the market.

Key Takeaways

• Nasdaq posted 13 consecutive green days, longest since 1992.
• Index achieved biggest three‑week gain since April 2020.
• Tech now makes up 34.7% of S&P 500, up from 5.5% in 2020.
• Software ETF IGV rose ~14% this week, indicating sector rebound.
• Semiconductor memory stocks drove momentum, supporting broader market rally.

Pulse Analysis

The Nasdaq’s 13‑day winning streak marks a rare display of market momentum, echoing the bullish runs of the early 1990s. After months of investors wrestling with the dual narrative of AI‑driven growth and the risk of over‑investment in infrastructure, the index’s latest surge suggests sentiment has shifted toward optimism. This rally not only breaks a long‑standing sideways pattern but also signals that traders are increasingly comfortable pricing in higher earnings expectations for tech firms, a sentiment that could spill over into other high‑growth sectors.

Technology’s expanding footprint in the broader market is a key driver of the current rally. At nearly 35% of the S&P 500, tech’s weighting has leapt from a modest 5.5% in 2020, reflecting both the sector’s earnings resurgence and the re‑valuation of software and cloud services. Valuation metrics that once hovered at historic lows are tightening, as evidenced by the iShares Expanded Tech‑Software Sector ETF (IGV) climbing roughly 14% in a single week. This rebound offers investors a clearer risk‑reward profile for software names that were previously deemed over‑extended, encouraging a reallocation of capital toward high‑margin, recurring‑revenue businesses.

Semiconductor memory manufacturers have been the unsung catalysts behind the broader market’s momentum. Their price appreciation has bolstered the iShares Momentum Factor ETF (MTUM) and reinforced the narrative that hardware demand remains robust despite macro‑economic headwinds. While the rally is compelling, analysts caution that any slowdown in AI‑related capital spending or a resurgence of inflationary pressures could test the durability of the streak. Nonetheless, the current trajectory positions the Nasdaq as a bellwether for growth‑oriented investors seeking exposure to the next wave of technological innovation.