© Reuters
Investing.com – Stock futures held steady in overnight trading on Monday, setting the stage for the commencement of the new year. This comes after a surprisingly robust 2023, which saw the rally by 24%.
By 6:40 am ET (11:40 pm GMT) and ticked 0.1% higher while remained flat.
The stock market concluded 2023 on a high note with the S&P 500 ascending for nine consecutive weeks to round off the year, marking its best winning streak since 2004. Risk assets experienced a significant relief rally as the economy showed resilience and inflation eased. The Federal Reserve also signaled an end to rate hikes. Nonetheless, the market had to navigate a regional banking crisis and ongoing conflicts in Ukraine and the Middle East.
Technology shares, particularly mega-cap stocks, were at the forefront of the 2023 advance. Apple Inc (NASDAQ:) saw a 48% surge, Microsoft Corporation (NASDAQ:) shot up by nearly 57%, and NVIDIA Corporation (NASDAQ:) skyrocketed by an impressive 239%.
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The tech-centric wrapped up the year with a 43.4% increase, marking its best performance since 2020. The blue-chip recorded a 13.7% gain and hit a new all time high during 2023.
However, following the exceptional performance of 2023, Wall Street strategists anticipate much lower returns for stocks in the new year, as per the CNBC PRO exclusive Market Strategist Survey. Top strategists from major firms predict that the S&P 500 will conclude 2024 at 4,881, just about 2.3% above Friday’s close of 4,769.83.
Some analysts caution that a potential economic slowdown and subdued consumer spending could result in slower earnings growth for businesses.
In the bond markets, rates stood at 3.878%.