The Greek philosopher Heraclitus once wrote, “The only constant is change.” Although we agree with that assessment, we’d point out that change does not always mean a 180-degree turn. Looking at 2024, we expect an increase in volatility during the first half of the year and a change in the breadth of the market expansion. Even so, we still expect the broader market averages to generate gains for the full year.
As we went to press, the markets were poised to close out 2023 on a strong note. At the recent quotation, the S&P 500 is up 23.8% in value, while the NASDAQ and Russell 2000 are up 43.2% and 15.5%, respectively. Although these indices showed strong gains in 2023, the advance was driven largely by just a handful of stocks. In fact, the seven-largest stocks by market cap accounted for nearly 75% of the S&P 500’s return. In other words, 17.9% of the 23.8% gain was driven by just seven stocks.
Download our full report below for a look into the Market Outlook for 2024.
Publish Date: January 5, 2024