From Nasdaq:



The markets have been on a rally as inflation continues to decline, raising optimism about the Federal Reserve implementing its first rate cut in the first quarter of 2024. All three major indexes rallied, with the Dow, the S&P 500, and the Nasdaq recording their eighth straight week of gains. The decline in the Federal Reserve’s favorite inflation gauge, the personal consumption expenditures (PCE) price index, can be attributed to a drop in food prices and a slide in energy prices. Although inflation has fallen below the 3% mark, it is still above the Federal Reserve’s target of 2%. However, the Federal Reserve is anticipated to implement rate cuts earlier than expected, with market participants believing that the first rate cut could be implemented in March.

Lower borrowing costs are expected to have a positive impact on several industries and the broader economy, with growth stocks, especially in the technology sector, thriving the most. It would be wise to consider investing in large-cap technology stocks with a favorable Zacks Rank. Five technology giants with strong potential for 2024 and positive earnings estimate revisions in the last 60 days are identified as top picks, including Workday, Inc., Microsoft Corporation, Meta Platforms, Inc., NVIDIA Corporation, and Alphabet Inc.

These stocks have a history of strong performance, with the Zacks Top 10 Stocks gaining nearly triple the S&P 500’s growth from 2012 through November 2023. For investors interested in these top 10 picks for 2024, they can be found when released on January 2, and for additional stock recommendations, today’s Zacks Best stocks can be downloaded for free.



Read more: 5 Stocks Poised to Rally in 2024 as Inflation Declines Further