The Nasdaq 100 (NAS 100) shrugged off weak economic data to hit new all-time highs.

The price of the NAS 100 has hit an all-time high at 22,507 and could head higher without any negative news headlines. The 22,101 previous high will act as support.
Stocks received support as the 10-year US bond yield fell to a two-month low on a Wall Street Journal report that President Trump may announce the replacement of Fed Chair Powell as early as September. Markets are expecting a dovish appointment that can see rates slashed. Donald Trump has been critical of Jerome Powell for his handling of the economy. Powell’s term expires in May 2026, and it would be rare to announce a new Fed Chair far earlier than the traditional 3-4 month transition period.
US stocks are powering higher despite a mediocre economic situation. Thursday saw an unexpected downward revision to first-quarter GDP. The May trade deficit was wider than expected, despite recent tariffs.
First-quarter economic growth was weighed down by a surge of imports as US companies and households were rushing out to buy foreign goods before Trump could impose tariffs on them. The Commerce Department previously estimated that the economy had fallen by -2% in the first quarter. Economists had forecast no change in the department’s third and final estimate for the number.
The January-to-March drop in gross domestic product reversed a 2.4% increase in the last three months of 2024 and marked the first time in three years that the economy had fallen. Imports expanded by 37.9%, marking the fastest gains since 2020, and pushed GDP down by nearly 4.7 percentage points. Consumer spending also slowed sharply, growing by only 0.5% and down from a strong 4% in the fourth quarter of last year.
Despite dismal economic data, the stock market is shooting higher to new records and investors are looking at the prospect of a new Fed Chair cutting rates and boosting the economy.
President Trump described Fed Chair Jerome Powell as “terrible,” before adding that he has potential successors in mind. “I know within three or four people who I’m going to pick,” Trump told reporters during the current NATO summit.