The loudest investor chatter for months has insisted the heavyweights of the Nasdaq have been everything to the market in 2023.
Sunday is the second anniversary of the all-time closing high in both the Nasdaq Composite and Nasdaq 100 indexes, which remain 12% and 4 % underwater even after their monster gains in recent months.
It's relatively rare for the Nasdaq 100 – the most easily investable part of the Nasdaq and the one most reflective of the mega-cap dominance – to enter a two-year downturn.
Only three of the Big Seven have outperformed the Nasdaq 100 over the past two years – Apple, Nvidia and Microsoft — while Meta Platforms has kept pace and Amazon, Alphabet and Tesla have lagged.
Friday showed signs of outright rotation, the Russell 2000 up 1.3% versus a flat Nasdaq 100.
Persons:
Invesco, Scott Chronert, we've, I've, –, Chronert, Apple's, What's, Berkshire Hathaway, Tony Pasquariello, Goldman Sachs, Russell, disinflation
Organizations:
Nasdaq, Sunday, QQQ, Citi, Apple, Nvidia, Microsoft, Meta, Berkshire, Fed
Locations:
lockstep, Berkshire, Whereto