What a kick-off to the new year for the stock market. Those major U.S. indexes like the Dow Jones, S&P 500, and Nasdaq kept trucking higher for five straight months to begin 2024. Talk about an epic opening act!
Feeding the market’s big rally these first three months were those rockstar tech companies everybody can’t get enough of lately. I’m talking about big names like Nvidia, the chipmaker who’s become the darling of the AI craze. Nvidia’s stock seriously went bonkers, soaring an insane 80% higher since January!
But that sizzling performance from techs like Nvidia was just an added boost. Is the primary fuel throwing gasoline on this fire? There are growing hopes and whispers that the Federal Reserve will cut interest rates again as soon as this summer.
Considering that around two-thirds of investors are convinced the Fed will order an actual rate cut in June based on the FedWatch tool from CME Group, With the possibility of more accessible money policies dangling, stock traders couldn’t hit that “Buy” button fast enough across Wall Street.
Records Shattered as Dow Inches Near 40,000
All that rampant buying power translated to those major indexes setting a boatload of new record highs. We’re already talking 22 fresh all-time peaks for the S&P 500 in just 2024 alone! Incredible stuff.
As for the iconic Dow Jones Industrial Average? Well, that big ol’ average of 30 major U.S. corporations saw its valour rise by 5.6% for the quarter – its best start in three years. The Dow is now knocking right on the doorstep of that milestone 40,000 level for the first time.
Not to be outdone, the tech-heavy Nasdaq hung tough too and rallied 9% higher since January 1st. It’s just a silly, silly upward spurt for stocks to begin the year that has pretty much everyone’s jaw on the floor right now.
Of course, the trillion-dollar question is whether this torrid pace is sustainable or if we’re just in mania mode before things inevitably cool off. But until then, you can bet those raging bulls on Wall Street will keep stampeding!
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