XPEV - Nasdaq And S&P 500 Futures Dive Oil Heats Up Cryptos Surge On First Trading Day Of 2024: Unraveling Forces at Play | Benzinga
U.S. stocks are set to begin the new year with caution amid uncertainties surrounding upcoming economic reports and Federal Reserve speeches. Investors seek confirmation on anticipated rate cuts, with a focus on the Federal Reserve’s December meeting minutes and jobs data for guidance. Geopolitical tensions drive crude oil higher, while cryptocurrencies see upward movement.
Cues From Last Week’s Trading:
U.S. stocks closed 2023 on a positive note, completing a nine-week winning streak—the best since 2004.
The year saw significant gains, especially in mega-cap tech stocks, with the Nasdaq achieving its best annual performance since 2020 with a 43% surge. Investors reacted to eased inflation, creating expectations for potential Federal Reserve rate cuts.
US Index Performance In Week Ended Dec. 29, 2023
Index Week’s Performance December Performance CY2023 Performance Value
Nasdaq Composite +0.12% +5.52% +43.42% 15,011.35
S&P 500 Index +0.32% +4.42% +24.23% 4,769.83
Dow Industrials +0.82% +4.84% +13.70% 37,689.54
Russell 2000 (-0.34%)- +12.05% +15.09% 2,027.07
Analyst Color:
In light of the Nasdaq’s robust performance in 2023, Wedbush analyst Daniel Ives anticipates the emergence of ‘the Year of AI,’ foreseeing a potential 25% surge in tech stocks for 2024.
”We believe tech stocks will be up 25% in 2024 with a NASDAQ 20k level in our bull case scenario as the Street is still significantly underestimating how quickly this AI monetization cycle is playing out among enterprises in the ...