Apple’s Stock Achieves Its Longest Monthly Rally in Almost a Decade

**Title: Technology and Internet Stocks Rally with Fifth Consecutive Monthly Gain**

Major Technology and Internet Stocks Continue to Surge

In a remarkable streak of monthly gains, major technology and internet stocks have rallied throughout this year, with July marking their fifth straight monthly increase. This consistent growth is the longest such stretch since August 2020, highlighting the sustained momentum in the market. The Nasdaq 100 Index, heavily weighted toward megacap internet and technology stocks, has witnessed a significant rise of 44% in 2023, owing to the growing excitement surrounding artificial intelligence.

**Surging Megacap Internet and Technology Stocks Drive Market Growth**

The continued dominance of megacap internet and technology stocks has been instrumental in propelling the market higher throughout the year. Quarterly reports from prominent companies such as Alphabet Inc. and Meta Platforms Inc. have underscored the robust fundamentals of big tech. An increase in global tech earnings growth is expected in the second half of the year, with a potential low double-digit growth forecast for the following year, according to Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management. However, given the strong year-to-date performance and elevated valuations, there may be heightened volatility in tech stocks in the near term.

**Apple Inc.: The Leading Component of Nasdaq 100**

Apple Inc., the leading component of the Nasdaq 100 Index, comprises nearly 12% of the index weight. The tech giant experienced a positive growth of 1.3% in July, marking its seventh consecutive month of gains, the longest streak since 2014. With a remarkable increase of over 50% this year, all eyes are now on Apple as it prepares to release its third-quarter results on August 3, while internet giant Inc. is set to announce its results on the same day. Amazon has also witnessed a consistent rise in its stock value, with a 2.6% increase in July, marking its fifth straight monthly gain, the longest streak since 2018.

**Meta Platforms Inc.: Record Monthly Gains**

Meta Platforms Inc., the parent company of Facebook, achieved a noteworthy 11% surge in July, extending its winning streak to nine consecutive months. This unprecedented string of monthly gains sets a new record for the social media giant and emphasizes the positive investor sentiment following strong quarterly results and a bullish forecast. Meta Platforms’ remarkable performance has been a driving force behind the overall growth of the Nasdaq 100 Index.

**Global Impact: Nasdaq Golden Dragon China Index Soars**

The surge in technology stocks is not limited to the United States. The Nasdaq Golden Dragon China Index experienced a substantial 20% increase in July, making it its most significant monthly gain since November. PDD Holdings and Inc. emerged as major gainers, with a 30% and 21% rise, respectively. These two companies represent the largest percentage gainers among the Nasdaq 100 Index components in July, further demonstrating the global impact of the technology and internet stock rally.

**Wrap Up**

Prolonged growth in major technology and internet stocks has fueled the market’s upward trajectory, with July marking the fifth consecutive monthly gain. The Nasdaq 100 Index’s reliance on megacap internet and technology stocks, such as Apple, Amazon, and Meta Platforms, has been a key driver of this remarkable performance. While increased volatility is expected in the near term, the outlook remains positive, with global tech earnings projected to grow by low double digits in the coming year. The surge in technology stocks is not limited to the U.S., as evidenced by the substantial gains in the Nasdaq Golden Dragon China Index. With technology continuing to shape and redefine our world, the growth of these companies is expected to have a lasting impact on the global economy.

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