The first half of 2023 has been a whirlwind, with unexpected market trends and economic indicators challenging forecasted outcomes. At the end of 2022, the common narrative predicted an imminent recession and a further dip in the stock market, primarily due to the Federal Reserve’s continued hike in rates and companies facing margin pressures. However, the reality has been far different, with frenzied excitement around Artificial Intelligence (AI) sparking a surge in major stock indexes driven almost entirely by eight stocks seen as good AI plays.
The AI narrative propelled the Nasdaq Composite to its most robust performance ever for the first half of a year. However, The economic outlook remains mixed, with experts struggling to agree on where the economy is headed in the latter half of 2023 and what that will mean for the stock market.
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