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OUTLOOK 2024

US stock market rally likely to carry through into 2024

The bull market is set to take the S&P 500, Nasdaq 100 and other major indices to record highs next year

    • A trader watches US Federal Reserve chairman Jerome Powell on a screen during a news conference. Powell has warned that the Fed will continue tightening monetary policy if needed.
    • A trader watches US Federal Reserve chairman Jerome Powell on a screen during a news conference. Powell has warned that the Fed will continue tightening monetary policy if needed. PHOTO: REUTERS

    Rob Curran

    Published Fri, Dec 29, 2023 · 05:00 AM

    THERE hasn’t been a bubble in technology stocks this big or fast-expanding since the dotcom days, and the upward momentum is set to become even more powerful in 2024.

    Speculative excitement about artificial intelligence (AI) technology generated gains of 60 per cent, or roughly US$7 trillion, for the Nasdaq 100 index in 2023. Nvidia alone went from being a fringe semiconductor maker to sporting a market capitalisation equivalent to two General Electrics, two Boeings and one ExxonMobil combined. 

    Strategists expect the US stock market’s rally to carry through into 2024, as more speculators chase this torrid momentum and double down on bullish interest rates, AI and weight-loss bets.

    US stocksUS economyInterest ratesUS Federal ReserveJerome Powell

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