Mar 29, 2024 - Economy
All the way up: S&P rockets to new records in Q1
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The S&P 500 notched its best first-quarter performance in five years, per CNBC.
- The index is up 10.2% so far.
Why it matters: AI euphoria, led by gains in Nvidia (up 82.5% in Q1) and expectations of rate cuts (and a soft landing), has boosted market optimism.
What we're watching: The Magnificent Seven — Apple, Amazon, Alphabet, Microsoft, Meta, Nvidia and Tesla — drove about 40% of the S&P 500's gains so far this year.
- But some are pulling away from the pack.
- Notably, Apple (down 7.6%) and Tesla (down 29.2%) have stumbled on weakening demand worries for their core products.
