Big Tech Stocks Face High Bar to Sustain Gains in 2024
- Group will outperform if earnings meet high expectations: GS
- Quality growth stocks can keep outperforming: Morgan Stanely
Optimism about a stronger-than-expected economy, peaking interest rates and artificial intelligence have helped bolster the stocks.
Photographer: Bryan R. Smith/AFP/Getty ImagesThis article is for subscribers only.
The Magnificent Seven group of megacap tech stocks need to deliver stellar earnings to keep outperforming the broader market, according to a growing consensus on Wall Street.
The group — comprised of Apple Inc., Microsoft Corp., Nvidia Corp., Alphabet Inc., Amazon.com Inc., Meta Platforms Inc. and Tesla Inc. — doubled in value in 2023, outperforming the broader Nasdaq 100 Index’s 54% rise. The majority extended gains this year — with the exception of Tesla and Apple.