Tech boom leads global markets through first half of 2024
Summary:
1. A 150% surge in chipmaker Nvidia has led rally in world stocks.
2. Yen has slumped to 38-year low against stronger US dollar
3. Elections have triggered big moves from Mexico to France
4. Cocoa has soared almost 85% in commodity markets
The unstoppable march of the mega caps, sloth-like central bank pivots, political palpitations aplenty and M&A is back the first half of 2024 has been another whirlwind in world markets.
Forecasts for a global interest-rate-cutting frenzy may not have materialized, but Nvidia and the rest of the Magnificent 7 soared another $3.6 trillion in market value.
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MSCI's 47-country world stocks index has clocked up a punchy 11% since January. Good yes, but nowhere near the 30% leap of team tech, or the frankly eye-popping 150% gain of chip champ Nvidia.[Continue reading>>]
One notable aspect of this boom is the soaring market value of tech giants like Nvidia. The Magnificent 7, as they are referred to, have collectively gained an impressive $3.6 trillion in market value . This surge in tech stocks has played a crucial role in driving the overall performance of global markets.
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