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Tuesday, March 5, 2024

Dow futures slip after a robust 2023 By Investing.com

Dow futures slip after a robust 2023 By Investing.com

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Investing.com – Stock futures remained flat overnight Monday, paving the way for the start of the new year. This follows a surprisingly robust 2023, which saw a 24% rise.

By 6:10 a.m. ET (2310 GMT), it had fallen 0.2%, 0.4% and 0.5%.

The stock market concluded 2023 on a positive note with the S&P 500 rising for nine straight weeks to close out the year, marking its best winning streak since 2004. Risky assets saw a significant rebound as the The economy has shown resilience and inflation has eased. The Federal Reserve also announced the end of rate hikes. However, the market had to deal with a regional banking crisis and ongoing conflicts in Ukraine and the Middle East.

Technology stocks, particularly ultra-large cap stocks, have led the 2023 advance. Apple Inc (NASDAQ:) saw a 48% surge, Microsoft Corporation (NASDAQ:) soared nearly 57% and NVIDIA Corporation (NASDAQ:) skyrocketed 239%.

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The tech-centric company ended the year with a 43.4% increase, marking its best performance since 2020. The blue-chip company posted a 13.7% gain and hit a new all-time high in 2023.

However, following 2023’s stellar performance, Wall Street strategists are forecasting much lower returns for stocks in the new year, according to CNBC PRO’s exclusive market strategists survey. Top big-company strategists predict the S&P 500 will close 2024 at 4,881, about 2.3% above Friday’s closing level of 4,769.83.

Some analysts warn that a potential economic slowdown and moderation in consumer spending could lead to slower corporate profit growth.

On the bond markets, rates stand at 3.878%.

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