Holiday Cheer Spreads Across Markets
Tech Stocks Lead the Charge
As the holiday season gets underway, the stock market is experiencing a welcome surge, with the Nasdaq Composite taking the lead. This Christmas Eve, the tech-heavy index is up a remarkable 1%, its strongest performance on this day since 2000, according to Dow Jones Market Data.
Broad-Based Rally
The S&P 500 is also joining in the festive spirit, up 0.7% and on track to post its best Christmas Eve since 2011. Meanwhile, the Dow is up 0.4%, which would mark its best performance on the holiday since 2022. This broad-based rally is a testament to the market’s resilience in the face of ongoing economic uncertainty.
Big Tech and Chips Shine
Technology stocks have been driving the market’s gains for much of the month, as investors increasingly favor Big Tech and chip stocks. This trend is likely driven by the sticky inflation data, which has led Wall Street to seek out sectors that can weather the economic storm. The Roundhill Magnificent Seven ETF, which tracks the performance of top tech companies, is up an impressive 1.6% today. The iShares Semiconductor ETF, meanwhile, has gained 0.8%.
A Season of Optimism
As the year draws to a close, this holiday rally is a welcome respite from the market volatility that has characterized much of 2023. With investors looking ahead to the new year, this surge in tech stocks and the broader market may be a sign of renewed optimism and a potential shift in market sentiment.
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