Dow futures steady at start of 2024
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©Reuters Investing.com – Stock futures held steady in overnight trading Monday after rising 24% in 2023, setting the stage for the start of the new year.
As of 6:40 a.m. ET (11:40 p.m. GMT), it was up 0.1% but unchanged.
Stock markets ended 2023 on a high note, with the S&P 500 ending the year with nine consecutive weeks of gains, its best streak since 2004. As the economy showed resilience and inflation slowed, risk assets recovered sharply. The Federal Reserve also signaled an end to interest rate hikes. However, markets have had to contend with regional banking crises and ongoing conflicts in Ukraine and the Middle East.
Technology stocks, especially large-cap stocks, are at the forefront of the 2023 rally. Apple (NASDAQ:) surged 48%, Microsoft (NASDAQ:) surged nearly 57%, and Nvidia (NASDAQ:) surged an impressive 239 points. %.
The tech-heavy index ended the year up 43.4%, its best performance since 2020. The blue-chip index rose 13.7% and hit an all-time high in 2023.
However, after a strong performance in 2023, Wall Street strategists are predicting a sharp decline in stock returns in the new year, according to CNBC PRO’s exclusive Market Strategist Survey. Top strategists from major firms predict the S&P 500 will trade at 4,881 by the end of 2024, just about 2.3% above Friday’s closing price of 4,769.83.
Some analysts have warned that a potential economic slowdown and lower consumer spending could lead to slower corporate earnings growth.
The bond market interest rate is 3.878%.
