Last year was a stellar year for equities. Fueled by an artificial intelligence boom within Big Tech coupled with weaker inflation, the S&P 500 soared 26.29%, more than fully erasing its 2022 loss of 18.11%. The Nasdaq 100 leapt 55.13%, its strongest year since 1999. Moreover, reflecting the magnitude of AI gains, the Philadelphia Semiconductor “SOX” Index surged 67%. The S&P 500 and Nasdaq 100 capped the year with nine straight weekly gains, a feat they haven’t accomplished together since 1985. Quite notably, ahead of this, the S&P 500 had been in a 10.3% correction from July 31 through October 27.
The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.