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‘Party Like It's 1999,' Says BTIG as PLTR, MSTR, and Others Fuel Nasdaq Rally

‘Party Like It's 1999,' Says BTIG as PLTR, MSTR, and Others Fuel Nasdaq Rally

Business Insider19 hours ago
The Nasdaq 100 index (NDX) just hit a major milestone by staying above its 20-day moving average for 60 straight trading days. This is the second-longest streak in the index's history, going all the way back to 1985. The only time it lasted longer was during the dot-com boom in early 1999. Indeed, BTIG strategist Jonathan Krinsky commented on the rare event by playfully saying, 'Party like it's 1999,' to highlight how unusual this level of consistency is.
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This remarkable strength in the Nasdaq 100 has also led to gains in the Invesco QQQ ETF (QQQ), which tracks the index. As a result, the ETF is now the fifth-largest in the world by assets and has jumped by 17% since June, bringing its total year-to-date return to 10%. Despite uncertainty in the broader market, this surge shows that investors still have a lot of confidence in large tech and growth stocks, which make up a big portion of the index.
Therefore, many of the biggest winners in the Nasdaq 100 this year also come from the tech sector. In fact, leading the pack is Palantir Technologies (PLTR), which is up 102% so far in 2025. Other strong performers include Zscaler (ZS) (+59.7%), KLA Corp (KLAC) (+49.8%), and Strategy (MSTR) (+48.3%). In addition, well-known names like DoorDash (DASH), Constellation Energy (CEG), Lam Research (LRCX), CrowdStrike (CRWD), MercadoLibre (MELI), and Netflix (NFLX) round out the top 10 with increases of more than 37% this year.
Is QQQ Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on QQQ stock based on 92 Buys, nine Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average QQQ price target of $603.33 per share implies 6.8% upside potential.
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Nasdaq Pressured by Chip Stocks, But Broad Market Supported by Lower T-note Yields

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