News Snapshot:
The "Magnificent Seven" stocks — Apple (AAPL), Alphabet (GOOGL, GOOG), Microsoft (MSFT), Amazon (AMZN), Meta (META), Nvidia (NVDA), and Tesla (TSLA) — are the big drivers of this year’s market rally. With five weeks left in 2023, the S&P 500 (^GSPC) is up 19%. Investors scooped up shares of megacap tech names throughout the year amid macro uncertainty, driven in part by the Fed’s aggressive interest rate hiking campaign. Looking ahead to 2024, strategists are split on future returns. Morgan Stanley’s Mike Wilson, a staunch bear, sees stocks essentially flat while Goldman Sachs’ David Kostin sees limited upside, predicting the...
