Is it tenable for markets to be so reliant on so few stocks?
Debate continues to rage as to whether Nvidia and big tech can continue to hold stock markets aloft. Nvidia hit an all-time high on Tuesday before selling off hard, dragging indices down with it.
Strip out the magnificent seven, notes DataTrek Research, and the index would have gained only 4.1 and 6.3 per cent respectively. Indeed, Nvidia alone was responsible for almost a quarter of 2024′s index gains. A record 81 per cent of stocks underperformed the index in December, says Ritholtz Wealth Management’s Michael Batnick. Note, too, that the Dow Jones Industrial Average, which is less influenced by mega-cap stocks, has fallen back to pre-election levels.Can expensive tech giants maintain their momentum? Maybe, says UBS, which notes that there is little correlation between valuation and 12-month returns.
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