From Nasdaq: 2024-06-24 12:03:00

Wall Street is experiencing a remarkable rally, driven by the surge in technology stocks, hopes of rate cuts, and rising corporate earnings. The Nasdaq Composite has gained 17.8%, leading the market rally. The AI boom is expected to continue, with the global artificial intelligence market projected to reach $811.75 billion by 2030.

Major technology companies like NVIDIA, Apple, and Microsoft are leading the AI revolution, with NVIDIA investing in advanced GPUs for AI systems, Apple introducing AI features, and Microsoft focusing on cloud services. The “Magnificent Seven” stocks are in a race to become the most valuable company, driving enthusiasm over AI capabilities.

The S&P 500 is set to achieve its best first-half performance in an election year since 1976, with analysts predicting 6,000 points by the end of 2024. The bullish outlook is supported by strong earnings growth and an optimistic U.S. economy. Investors are advised to consider utility stocks and Hasbro Inc. for potential growth opportunities.

The latest FOMC meeting indicated potential rate cuts in the future, with policymakers eyeing one cut this year and four cuts by 2025. Lower rates can boost sectors like real estate, consumer discretionary, and financial services by reducing borrowing costs. Investors may consider investing in beaten-down stocks like Macy’s, which has strong growth potential in the second half of the year.



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