In his final note of the year, Goldman top Tech/Media/Telecom specialist Peter Callahan does a lookback at the main events in the only sector that mattered for markets this year (that would be tech in case someone went to sleep on Dec 31, 2023 and just woke up) and shares his outlook for the coming year.
We excerpt the main points below (full note available to pro subs).
The NDX is set to close up ~34% in 2024 – higher for the 18th time in 22 years. A notable feature of the rally this year has been the clear "broadening out" of market performance – with the S&P and the R2K Tech Indices both up 25% YTD – a healthy and welcomed dynamic by most investors after the NDX outperformed both the S&P and the R2K Indices by 25-30 points in 2023.
