Nasdaq Index: Bullish Forecast as Adobe, Alphabet, AMD Lead Weekly Stock Market Gains

Nasdaq Builds on Weekly Surge as Inflation Eases and Tariff Truce Fuels Optimism

The Nasdaq Composite is pacing for a weekly gain of more than 6% Friday as traders respond to softer inflation data and a temporary tariff truce between the U.S. and China. The index is adding to a four-day rally, though Friday trading is mixed with some tech selling and increased volatility tied to massive options expiry.

Earlier in the week, a 90-day halt to new tariffs helped ease fears of further trade friction. That, combined with a 0.5% drop in April producer prices and a 2.3% annual CPI print, has cooled rate hike expectations. Traders are now pricing in a less aggressive stance from the Federal Reserve.

At 14:25 GMT, the Nasdaq Composite is trading 19160.32, up 48.00 or +0.25%.

Which Nasdaq Stocks Are Leading the Charge Today?

Big tech names are fueling gains. Adobe is up more than 3%, while Alphabet’s Class A and C shares are each climbing over 2%. Charter Communications is also advancing sharply, joined by Micron, AMD, and Tesla—all posting gains over 1% on AI and EV optimism.

Cybersecurity plays are outperforming, with CrowdStrike and Zscaler both rising more than 1%. Fortinet and Gilead are trading higher as well, showing continued appetite for growth and defensive tech exposure across the index.

Are Semiconductors and Consumer Stocks Under Pressure?

Despite the Nasdaq’s strength, chip stocks are lagging. Applied Materials is down nearly 6%, pressuring peers like KLA, Marvell, and Lam Research. Caution around margins and demand trends is prompting a rotation out of semis.

On the consumer side, Starbucks is dropping over 2% as cost concerns weigh. Warner Bros. Discovery and Mondelez are also underperforming. The market is favoring selectivity, with traders avoiding names vulnerable to pricing pressures and rate sensitivity.

Will Options Expiry Trigger a Late-Day Move?

With more than $2.8 trillion in options set to expire—marking the largest May expiry on record—traders are bracing for potential end-of-day volatility. The expiry is amplifying intraday moves, especially among high-beta Nasdaq stocks.

What’s the Outlook for the Nasdaq Now?

The Nasdaq remains supported by easing inflation and relief around U.S.-China tariff tensions, but Friday’s action shows signs of fatigue in select sectors. Tech continues to lead, though options expiry is introducing choppiness and weighing on some high-beta names.

Despite this week’s strong gains, warnings from companies like Walmart about rising costs add caution to the outlook. Traders are focusing on how sustained inflation pressure could affect margins, especially in consumer-facing and semiconductor stocks. With major indexes near weekly highs, short-term direction may depend on whether institutional flows continue into large-cap tech or rotate defensively.

More Information in our Economic Calendar.