Markets moved back onto the front foot last week, encouraged by some better than expect economic data and company reports. The blue-chip S&P 500 and technology focussed Nasdaq indices gained 2.9% and 3.6% respectively.
The positive week for the Nasdaq increased its year-to-date return to 32%, the best first of the year for the index since 1983. Despite ongoing concerns over higher interest rates, investors have poured money into technology stocks to get exposure to artificial intelligence.
The frenzy surrounding AI has propelled shares in semiconductor manufacturer Nvidia 190% higher this year and shares in Facebook’s parent, Meta Platforms, have risen 138%. Apple shares also reached a new record high last week and the company’s stock market valuation has climbed above $3 trillion.
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