Nasdaq surpasses 20,000 as tech megacaps hit record highs

Meanwhile, Microsoft is about 4 percent below its July high, and Nvidia is trading 6 percent under its record from last month.

The tech sector’s gains align with market optimism following Trump’s victory on November 4. Investors anticipate reduced regulatory pressure and increased opportunities for dealmaking under the new administration.

On Tuesday, Trump named Andrew Ferguson as the next chair of the Federal Trade Commission, succeeding Lina Khan.

Ferguson, an FTC commissioner, was described by Trump in a Truth Social post as “the most America First, and pro-innovation FTC Chair in our Country’s History.”

Tom Lee, managing partner at Fundstrat Global Advisors, told CNBC’s ‘Closing Bell’ that the tech sector remains bullish, with expectations of a Federal Reserve rate cut this month.