What Awaits Nasdaq ETFs in 2024 After Best Year Since 2020? [Yahoo! Finance]
First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW)
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Source: Yahoo! Finance
The Nasdaq-100, which tracks the top 100 stocks traded on the Nasdaq Exchange, posted its best year since 1999. The outstanding performance can be attributed to several factors, which are likely to persist in 2024. "Magnificent Seven" Surge: The so-called "Magnificent Seven" stocks soared between 50% and 250% in 2023, with more gains expected in 2024 (read: Magnify Gains in 2024 With "Magnificent Seven" ETFs). Artificial Intelligence (AI) Mania: The emergence of generative AI drove excitement in the sector and pushed companies to invest in what is viewed as the next big thing. As such, the craze for AI is expected to stay in 2024, with many experts believing that the AI journey has just begun and more innovations in this field will unfold. Rate Hike Pause: Hopes that the Fed is nearing the end of its interest rate hike cycle boosted the index for most of 2023. Now, with the Fed penciling in three rate cuts for 2024, the Nasdaq is expected to surge further. As the tech sector r
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