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2024 First Half Review | Nasdaq, S&P Score Double-Digit Gains; Bitcoin, Gold Shine

Tiger Newspress06-29

Global capital markets mostly rallied in the first half of 2024. Bitcoin soared 43% while gold future jumped nearly 13%.

The S&P 500 scored a double-digit gain as it ended June near its all-time closing peak. The index has climbed 14.5% so far this year on the back of soaring Big Tech stocks, posting a historically strong gain for the first half of a year as the U.S. economy continues to expand despite signs of slowing.

A small group of Big Tech stocks have propelled the S&P 500's jump in 2024, with shares of artificial-intelligence chip maker Nvidia Corp. $(NVDA)$ surging 149.5% so far this year. Other heavyweights in the widely followed equities index - including Facebook parent Meta Platforms Inc., Google parent Alphabet Inc. $(GOOGL)$ $(GOOG)$, Amazon.com Inc. $(AMZN)$ and Microsoft Corp. $(MSFT)$ - have also posted outsize gains so far this year.

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.

MSCI's 47-country world stocks index has clocked up a punchy 11 per cent since January. Good yes, but nowhere near the 30 per cent leap of team tech, or the frankly eye-popping 150 per cent gain of chip champ Nvidia.

Bitcoin, Gold Shine

The big story in commodities has been cocoa sky-rocketing almost 85 per cent due to shortages which is already its second-biggest annual leap of all time, although certainly is not good news for chocoholics.

Gold hit a record high of just shy of $2,450 an ounce last month. Oil is up a respectable 12 per cent while bitcoin broke though $70,000 and set a flurry of new highs after U.S. watchdogs gave bitcoin exchange-traded funds the green light.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment2

  • Upswing118
    ·06-30
    how will 3Q start, as strong as 2Q? most want it but many stocks are overpriced. only time can tell...
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  • zeezee
    ·06-30
    Thanks
    Reply
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