ESTC - History Says the Nasdaq Could Jump 21% in 2024. Here Are 2 Magnificent Growth Stocks to Buy Now.
2023-12-29 05:45:00 ET
The Nasdaq-100 technology index plunged 33% in 2022. In uncertain times, investors often turn to historical data to help them forecast the market's next move. The Nasdaq-100 has only fallen in consecutive years on one occasion since it was established in 1986 -- during the dot-com tech crash from 2000 to 2002 -- so the odds were in favor of a rebound in 2023.
True to form, the index has soared 55% this year. And while history is no guarantee, rebound years like 2023 historically have always been followed by a second positive year. The Nasdaq-100 delivered an average gain of 21.5% in the four occurrences since 1986, so that's the return investors might expect in 2024 based on history alone.
Here's why Confluent (NASDAQ: CFLT) and Elastic N.V. (NYSE: ESTC) could be two top-performing stocks if history repeats itself.
For further details see:
History Says the Nasdaq Could Jump 21% in 2024. Here Are 2 Magnificent Growth Stocks to Buy Now.