Benzinga - by Piero Cingari, Benzinga Staff Writer.
The U.S. stock market bids farewell to a truly unforgettable year, characterized by the artificial intelligence revolution, which defied numerous gloomy forecasts made at the year’s outset.
All the major U.S. indices concluded the year either at or near unprecedented highs, driven by a robust surge in the final two months of 2023.
Notably, the tech-heavy Nasdaq 100 showcased its most robust annual performance since the dot-com boom of 1999. Besides the AI-driven surge, the Federal Reserve’s year-end pivot towards a more accommodating stance also played a pivotal role in propelling tech stocks to record-breaking highs.
Chart: Nasdaq 100 Outpaced Late 2021 Highs
SPY ETF’s $500B Breakthrough
The SPDR S&P 500 ETF Trust, known by its stock ticker symbol ‘SPY,’ is on the verge of a historic achievement, set to become the first ETF to reach $500 billion, thanks to the S&P 500’s outstanding performance and unprecedented capital inflows in 2023.
AI Surpasses Bitcoin
Google searches for AI outpaced those for Bitcoin (CRYPTO: BTC) and crypto in 2023, especially after ChatGPT’s launch, signaling a shift in public interest and job market trends toward AI over cryptocurrency.
NYT Sues OpenAI, Microsoft
The New York Times initiated a lawsuit against OpenAI and Microsoft Corp (NASDAQ:MSFT), claiming the unauthorized use of its articles to train AI, marking a significant legal challenge to AI development practices related to copyrighted content.
Yardeni’s Bullish S&P Outlook
Ed Yardeni, a seasoned market expert, forecasted a bullish 2024 for the S&P 500, citing 12 factors including interest-rate stabilization, a robust job market and strong consumer spending power. His optimistic outlook was set against a backdrop of record-high market levels and a target of 5,400 points for the S&P 500.
Apple’s Wearable Push
Apple Inc (NASDAQ:APPL) is expected to pivot its focus from the iPhone to wearable technology, including the Vision Pro mixed reality headset, in 2024. This strategic shift is accompanied by significant updates to the AirPods and Apple Watch, aiming to revive consumer interest and combat stagnant sales across major product categories.
Musk Lauds $25K EV
Elon Musk endorsed the design of a proposed $25,000 Tesla Inc (NASDAQ:TSLA) compact car shared by a Tesla fan, potentially marking a new direction for the electric vehicle maker. Amidst Tesla’s stock stagnation and after the Cybertruck’s release, this affordable compact EV is anticipated to be a major catalyst that could shake up the industry and challenge traditional automakers.
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.