WFC - Top Asset Manager Predicts Economic Slowdown Weaker Performance For 'Magnificent Seven' In 2024: 'This Dynamic Generally Does Not End Well' | Benzinga
Amundi, a European asset management firm, has forecasted a slowdown in the growth of the U.S. economy, which could lead to a decline in the performance of top stocks in 2024.
What Happened: Amundi, with $2 trillion under management, anticipates a less robust economic growth in the upcoming year, which could result in a weaker performance from the leading mega-cap stocks, reported Business Insider on Saturday.
In a panel discussion at the New York Stock Exchange, Craig Sterling, the head of equity research at Amundi U.S., stated that the firm is underweight on U.S. stocks for 2024. He highlighted the significant difference between the current stock market and that of a year ago.
Despite the S&P 500’s impressive 25% surge in 2023, the “Magnificent Seven” stocks, including Apple Inc (NASDAQ:AAPL), Tesla Inc (NASDAQ:TSLA), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA), Meta Platforms Inc (NASDAQ:META), and Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG), were the primary drivers of this growth.