Nasdaq Index: Nvidia and Marvell Lift Tech Stocks Mid-Session as US Indices Rise

Nasdaq Edges Higher as Traders Lean Back Into Rate-Cut Bets

The Nasdaq is grinding higher at mid-session, and the tone feels steady. After reclaiming its 50-day moving average at 23,166.96 late last week, the index is now pushing toward a pair of tops at 23,698.93 and 24,019.99. Buyers aren’t chasing, but they’re showing up enough to keep the move intact — especially with traders still leaning on the idea that the Fed trims rates next year.

Is Strong GDP Enough to Cool Rate-Cut Hopes?

Stocks had a soft open after the Commerce Department dropped a 4.3% Q3 GDP print — well above the 3.2% estimate. That sparked a quick wobble as traders questioned whether an early-2026 cut is realistic. But the hesitation didn’t last.

By 17:00 GMT, the Dow was up 0.14%, the S&P 500 and Nasdaq up 0.29% and 0.43%, respectively — pacing for a fourth straight gain. Futures markets nudged expectations toward the Fed holding steady in January and March, but not enough to erase bets on two cuts by the end of next year.

The thinking is simple: a potentially more dovish Fed chair could keep easing hopes alive even with strong growth on the board.

What’s Driving Sector Behavior Today?

Tech is back in front, up 0.65%, helped by semis and mega-cap strength. Communication services isn’t far behind, adding 0.91% as traders rotate toward growth pockets that still feel reasonably priced.

Energy catches a modest bid, while defensives lag — health care, consumer staples, and real estate all slightly red. Nothing dramatic; more like traders leaning into areas with cleaner momentum.

Which Stocks Are Setting the Tone?

Chip names are doing most of the work. Marvell, Nvidia, and Broadcom are among the session’s top gainers, signaling steady appetite for AI-linked plays.

Alphabet and Amazon are also contributing, reinforcing a familiar pattern: when growth feels safe, big tech gets first call.

On the flip side, Starbucks, IDEXX, and Atlassian are under pressure, with software cooling off after a strong run. Still, nothing in the losers’ column suggests broad risk-off behavior — just some selective profit-taking.

How Are Traders Reading the Bigger Picture?

The GDP beat stirred some concern that the Fed stays tighter for longer, but the market shrugged it off. Part of that is positioning; part of it is belief that the next Fed chair will skew dovish. And traders seem comfortable with the idea that growth can cool without derailing earnings. As one strategist noted, the market still doesn’t look stretched, and financials outperforming tech over multi-year windows has kept the AI hype grounded.

Bottom Line — What Matters From Here?

The Nasdaq’s approach toward 23,698.93 and 24,019.99 will get attention, especially with liquidity thinning into the holiday. The New York Stock Exchange closes early Wednesday and shuts for Christmas, so follow-through may be limited. The market wants to stay constructive — but next week’s tone will depend on how traders digest today’s growth print and whether Washington offers any clarity on the next Fed chair.

More Information in our Economic Calendar.