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Home » Markets » These ‘Magnificent 7’ stocks remain ‘under water’ since end of 2021 while Nasdaq still down despite huge 2023 rally
Markets

These ‘Magnificent 7’ stocks remain ‘under water’ since end of 2021 while Nasdaq still down despite huge 2023 rally

Crypto Observer StaffBy Crypto Observer StaffJanuary 4, 2024No Comments3 Mins Read
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Stocks and bonds posted gains last year, but the big rise in markets in the final two months of 2023 wasn’t enough to leave the technology-heavy Nasdaq Composite up from the end of 2021.

“Following the strong year in 2023, the S&P 500 is now +3% in two years, but the Nasdaq is still -2% since the end of 2021 despite the big gain,” wrote BofA Global Research equity and quant strategists in a BofA note Wednesday. The “Magnificent 7” is up 9% in two years, but Tesla Inc., Amazon.com Inc. and Google parent Alphabet Inc. “remain under water since 2021,” they said.

While equities and bonds in the U.S. rebounded last year from a bruising 2022, parts of the market that were particularly hard hit, such as the Nasdaq, are still recovering from their tumble. 

Shares of Tesla
TSLA,
-4.01%
are down 29.5% in the two years through 2023, while Amazon
AMZN,
-0.97%
fell 8.9% and Alphabet
GOOGL,
+0.54%
lost 3.6% over the same period, FactSet data show.

The Magnificent 7, a group of megacap stocks also referred to as Big Tech, propelled the S&P 500’s gains in 2023, but the index still had small gains since the end of 2021. The high-profile group of seven Big Tech stocks also includes Apple Inc.
AAPL,
-0.75%,
Microsoft Corp.
MSFT,
-0.07%,
Nvidia Corp.
NVDA,
-1.24%
and Facebook parent Meta Platforms Inc.
META,
-0.53%

On a total return basis in the two years through 2023, the S&P 500 is up 3.4% while the Nasdaq Composite is down 2.4%, FactSet data show. 

Meanwhile, Cathie Wood’s widely followed ARK Innovation ETF, a fund that targets disruptive innovation as an investment theme, staged a huge rally in 2023, surpassing the Nasdaq-100 index’s gains. But the ETF is attempting to climb from deep losses accumulated after 2020. 

Unlike the Nasdaq-100 index, a gauge of non-financial stocks that is heavily weighted in technology and aims to reflect innovation and growth, the ARK Innovation ETF dropped in 2021 and was rebounding last year from back-to-back annual losses.

See: Cathie Wood’s ARK Innovation ETF stages massive quarterly rally as it climbs in 2023 after big losses

Also read: Cathie Wood’s ARK Innovation ETF in ‘breakout mode’ after triggering bullish pattern

Bonds gain in 2023, but still bruised

As for the fixed-income market’s recovery, investment-grade corporate bonds gained 8% in 2023 “but are still down 8% in two years,” the BofA strategists said.

And although long-term Treasurys “eked out” gains in 2023, they remained “the worst-performing asset class in two years,” the strategists wrote, pointing to a 26% loss.

The iShares 20+ Year Treasury Bond ETF
TLT
saw a total return of 2.8% last year, but the fund was still down a total of more than 29% since the end of 2021, according to FactSet data. 

Meanwhile, the U.S. stock market was declining early afternoon Wednesday, with the S&P 500
SPX,
Dow Jones Industrial Average
DJIA
and Nasdaq Composite
COMP
all down, FactSet data show, at last check. Treasury yields were little changed, with the 10-year rate
BX:TMUBMUSD10Y
at around 3.94% in early afternoon trading Wednesday.

Read: ‘One of the most aggressive rallies’ in markets in decades flipped bond losses into 2023 gains, Deutsche Bank chart shows

Read the full article here

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