Last Updated: 4:01PM EST
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Stock indices finished the final trading day of the year on a slightly negative note, as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell by 0.43%, 0.28%, and 0.05%, respectively.
Nevertheless, the S&P 500 finished the year with a 24.4% gain, while the Nasdaq ended with a 43.6% gain. This year’s gains could be mainly attributed to the excitement surrounding artificial intelligence. In addition, expectations of fed rate cuts in 2024 helped further boost optimism, as investors become more confident that a “soft landing” is possible.
Still, market participants will need to remain cautious in 2024. Indeed, it’s possible that investors are too optimistic with their expectations, meaning that it wouldn’t take much for the Federal Reserve to disappoint the market.
Last Updated: 9:37AM EST
Stock indices edged higher on Friday, signaling a positive end to 2023. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up about 0.06%, 0.02%, and 0.09%, respectively, at 9:37 a.m. EST, December 29.
The S&P 500 Index has shown a strong performance throughout the year, boasting a 24.5% increase, while the Dow has risen by 13.6% in 2023. Further, the Nasdaq 100 Index registered a stellar gain of 54.4%. The resilient economy and Artificial Intelligence (AI) have been the key catalysts behind the rally in the financial market in 2023. Moreover, shares of the big tech companies, including Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Apple (NASDAQ:AAPL), registered significant gains in 2023.
While shares of these tech companies have registered notable gains, Wedbush analyst Scott Devitt has named AMZN and META as his top internet picks for 2024. Today, Google (NASDAQ:GOOG) (NASDAQ:GOOGL) has reached a preliminary settlement in a $5 billion lawsuit claiming the search giant secretly kept tabs on users’ private browsing. An official announcement for Tesla’s (NASDAQ:TSLA) first Indian manufacturing plant is anticipated as early as next month.
Meanwhile, oil prices were trending higher at the time of writing amid geopolitical tensions in the Middle East. The WTI crude oil futures were up, hovering near $72.44 per barrel as of the last check. However, oil prices are likely to conclude the year approximately 10% lower.
Elsewhere, European indices are set to open on a positive note as investors get ready to wrap up the year on expectations of interest rate cuts in 2024.
Asia-Pacific Markets Fell on Friday
The Asia-Pacific indices fell on Friday, with China being the exception as its top tech companies continued to trend higher.
China’s Shenzhen Component Index and Shanghai Composite closed higher by 0.68% and 0.89%, respectively. However, Hong Kong’s Hang Seng index closed 0.06% lower.
Japan’s Nikkei finished lower by 0.22%. Meanwhile, Topix closed 0.19% higher.
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