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Piero Cingari

Tech Stocks Notch New Highs As Chipmakers Power The Rally: What's Driving Markets Wednesday?

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TECH STOCKS

Tech stocks climbed to new highs early Wednesday, with the Nasdaq 100 briefly touching 22,329 points after the opening bell, surpassing its previous peak from February 19.

Yet, by midday trading, the rally lost steam, with major indices giving back early gains. By 12:30 p.m. ET, the Nasdaq 100 was trading at 22,234, up 0.2% on the day. Other large-cap benchmarks hovered near the flatline, while the Russell 2000 fell 0.7%, reflecting weakness in small-cap names.

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