Stock Market Predictions 2024: Everything You Should Know About These Raising 7 Stocks

The stock market witnessed a remarkable surge in 2023, largely attributable to the formidable performance of seven prominent stocks collectively called the “Magnificent Seven” making stock market predictions 2024 very positive for investors of these stocks. These include Apple, Amazon.com, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla, each contributing to significant gains in the Standard & Poor’s 500 Index, the Nasdaq Composite Index, and the Nasdaq-100 Index.

Nvidia and Microsoft stood out among the group, demonstrating their mastery in the field of artificial intelligence applications and software. On the other hand, Tesla exhibited market dominance in electric vehicles, leading to an overall rebound in the stock market’s performance in 2023. Market enthusiasm triggered this resurgence, particularly for transformative advancements in artificial intelligence and electric vehicles.

The impressive rally of the Magnificent Seven commenced in the first quarter of 2023, with shares soaring even higher in the second quarter. While the fourth quarter also saw gains, these weren’t as flashy as those recorded in the first quarter. This trend can be attributed to the market’s rally towards the end of October, which diversified investors’ interests beyond the Magnificent Seven.

Significant contributions to the autumn’s share performance were lower interest rates, reduced oil prices, and clear indications from the Federal Reserve regarding a potential cut in interest rates in 2024.

Despite the overall bullish trend, three of the Magnificent Seven — Amazon, Alphabet and Tesla — ended the year trading below their closing prices at the end of 2021.

In terms of individual performance, Apple closed on December 22, 2023, at $193.60, marking a year-to-date change of 49.00%. Amazon ended on the same day at $153.42, with a year-to-date change of 82.64%. Alphabet‘s stock closed at $141.49, boasting a year-to-date change of 60.36%.

Meta Platforms, previously Facebook, stole the show with the highest year-to-date change among the group, closing at $353.39 with a staggering 193.66% change. Microsoft closed at $374.58, with a year-to-date change of 56.19%. Leading the AI frontier, Nvidia closed at $488.30, reflecting a year-to-date change of 233.14%, the second-highest in the group. Finally, Tesla closed at $252.54, with a year-to-date change of 105.2%.In conclusion, 2023 proved to be rewarding for investors, with substantial stock market gains primarily driven by the Magnificent Seven with positive overall stock market predictions 2024. Their outstanding performance played a critical role in shaping the financial landscape of 2023, solidifying their positions as market leaders.