2023 – end of
year market-rally points to qualified
optimism for year ahead
Listed-technology stocks had a powerful end to the year, with the Santa Rally advancing leading benchmarks by as much as 30%. Much of the market momentum continues to be driven by the 'Magnificent Seven' technology stocks (Microsoft; Apple; Amazon; Alphabet; Meta; Nvidia; Tesla), reflecting strong earnings performance rather than a fundamental re-rating of valuation multiples. Will this momentum be carried forward into a sharp M&A recovery in 2024?
By Andy Morgan and
Gareth Davies