The first quarter of the year sent investors back to the future
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The first quarter of the year sent investors back to the future: Morning Brief
reversing most of its losses
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe
Friday, March 31, 2023
Today's newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. Read this and more market news on the go with the .
Investors are celebrating the surge in tech stocks in 2023 as though last year — the worst year for risk markets in decades — never happened.
They could be forgiven.
The Nasdaq 100 (^NDX) just entered a new bull market and is about to notch its best first-quarter return since 2012 — up 18.5% with one day to go. Apple (AAPL) and Amazon (AMZN) are each up over 20% this year, while Tesla (TSLA) has surged nearly 60%, and Meta Platforms (META) is up over 70%. Chipmaker Nvidia (NVDA) is approaching an eye-watering 90% return this quarter — its best in over two decades.
Markets have seemingly entered a time warp — where last year's losers are this year's winners, and vice versa. Tech stocks are bringing the FAANG vibes from 2021 and before.
But peering under the market's hood reveals some critical differences between 2023 and the prior era of preternaturally low interest rates when FAANGs flourished.
First, the bond market has been turned on its head since the Fed began furiously raising rates a year ago. The 40-year down trend in interest rates that existed prior is now reversing.
Markets never go straight up (or down), but a reprieve this year from higher rates has facilitated an echo of the prior era with tech stocks surging as interest rates wane. Suffice to say, knee-jerk reversions to the mean do not a trend make.
Second, concentration worries are surfacing again. Investors may remember concerns that megacaps were accounting for a disproportionate share of the gains in the major indices during certain stretches from 2017 to 2021.
Those concerns are back, though for different reasons.
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