The so-called ‘Magnificent Seven’ – Amazon (AMZN), Apple (AAPL), Alphabet (GOOG,GOOGL), NVIDIA (NVDA), Meta (META), Microsoft (MSFT), and Tesla (TSLA) – dominated the S&P 500 (^GSPC) in 2023, and continue to do so, accounting for more than 27% of the S&P 500’s total market value. With Federal Reserve leadership now signaling potential interest rate cuts in 2024, which in turn is ecpected to fuel investor interest in the stock market, can the Magnificent Seven continue with their positive streak? Jeff Schulze, Head of Economic and Market Strategy at ClearBridge Investments, joins Yahoo Finance to give his perspective on the market and how he sees those stocks continuing to perform into next year.
Says Schulze: “There’s a lot of optimism that’s priced into these stocks at the moment and I think although they may move up in an absolute basis, on a relative basis, if we do have a soft landing, I think that money is going to move into those areas that have seen the relative performance that we’ve seen from an outperformance perspective over the last month, so I think the catalysts are still there, but i think its going to be more of a stock picker’s market in 2024 than what we’ve seen this year.”
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