Mid-Week Wrap: 03 April 2024
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Market Mood
In the first quarter of this year, the US stock market experienced a robust surge, climbing 10.2%, marking its most significant gain since 2019. This impressive performance not only erased all losses from the 2022 bear market but also propelled stocks to new highs despite inflation concerns. Notably, mega-cap tech stocks, known as the "Magnificent Seven," led the charge, although their performance varied, with Nvidia and Meta outperforming while Tesla and Apple lagged behind. Nvidia, particularly notable for its advancements in artificial intelligence, saw its stock price soar by 82%, making it a significant contributor to the market's overall gain alongside Microsoft, Meta, and Amazon.