Here's Why the Nasdaq Might Not Hit New Highs Soon
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has been stuck in a bear market for quite a while now, and some investors are getting impatient for a recovery. Yet even as some other major market benchmarks have managed to move closer to their former high-water marks, the Nasdaq is still more than 22% below its record high from late 2021.
The key to the Nasdaq returning to all-time highs will be for the fast-growing companies that sent the index to record levels to regain their former momentum. Unfortunately, although some businesses have rebounded, others are still seeing ongoing challenges. That's what investors are seeing from the latest financial results from Autodesk (NASDAQ: ADSK) and Splunk (NASDAQ: SPLK) on Thursday morning, and the wide disparities in how shareholders are responding to those reports suggest that new all-time highs could still be a long way away.
Shares of Autodesk were up almost 9% near the open on Thursday morning. The company behind the popular AutoCAD software package for design use saw solid gains in its fiscal second-quarter report.
Source Fool.com
