History Says the Nasdaq Could Keep Soaring in 2024: 1 "Magnificent Seven" Stock to Buy Hand Over Fist Before It Proves Doubters Wrong
Technology stocks soared impressively in 2023 as they found favor with investors once again thanks to promising economic indicators like falling inflation, the Federal Reserve's decision to pause interest rate hikes, and the impressive growth reported by several tech companies thanks to new tech trends such as artificial intelligence (AI).
These factors go some way to explaining why the Nasdaq-100 Technology Sector index rose nearly 54% last year. Historical trends show that the year in which the Nasdaq-100 delivered 40%-plus gains is nearly always followed by another solid growth year (1999 was an exception as it preceded the dot-com bubble).
Brokerage firm Capex.com estimates that the Nasdaq-100 will deliver a gain of 24% in 2024. That seems like good news for a group of seven megacap tech companies known as the "Magnificent Seven," which played an important role in the Nasdaq's surge last year.
Source Fool.com
