The Nasdaq 100 Index just delivered its best weekly performance since October 2023, ripping 5.9% higher and closing five straight sessions in the green.

This rally comes on the heels of last week’s shocking 5.8% plunge—the index’s worst week since nearly two years.

Tech Stocks Have Rallied 5.9% This Week, Erasing Last Week’s Losses

What sparked the surge? Investors were stoked by a solid batch of economic data, showing tame inflation, steady jobless claims, and an upbeat consumer sentiment report.

This data has reinforced market expectations that the Federal Reserve will announce its first interest rate cut in more than four years during its upcoming meeting next week.

There is currently an even split in market odds between a 25-basis-point cut and a more aggressive 50-basis-point cut, with the latter gaining traction in recent hours, as per CME FedWatch tool.

A recent Goldman Sachs analysis showed how the stock market historically performed after the initial rate cut.

If the U.S. economy avoids a recession following the cut, stock market performance tends to be positive over the next three to six months. However, if a recession occurs, stocks typically underperform after a rate cut.

7 Top-Performing Tech Stocks This Week

Several tech stocks delivered impressive gains over the past five days, contributing to the overall Nasdaq 100 rally. Below are the top-performing stocks:

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