Nasdaq nears the May high as Nvidia leads the way

The Nasdaq is up 0.8% to a session high. The Composite index is up 149 points to 19391, which would be the highest close since February however the intraday high from last week is still a couple points away.

Technically, it will be a small hurdle to get back to the February highs if these levels give way.

The market is optimistic that Nvidia will find a way to export chips to China and chipmakers are broadly stronger on AI optimism. Power and utility stocks are also doing well after the Meta deal with Constellation. It’s a fresh validation that demand for AI power is going to be tailwind for the industry.

Finally, energy stocks are strong today with crude up $1.23 in the second day of gains following the OPEC production boost.

This article was written by Adam Button at www.forexlive.com.