The year 2023 ended on a positive note for the stock market, with the S&P 500 gaining 24%. This remarkable performance was driven by several factors, including slowing inflation, a strong economy, and the Federal Reserve’s indications of ending its rate increases. Although the index fell slightly on the final trading day, it came close to reaching a record high, missing it by less than 0.2%.
One of the key drivers of the market’s success was the strong performance of Big Tech stocks and the growing excitement around artificial intelligence (AI). This propelled the Nasdaq Composite to its most successful year since 2020. Both the Dow and Nasdaq also ended the week on a positive note, achieving their longest weekly winning streaks since 2019.
Benzinga, a leading financial media company, provides daily reports on the stocks that are most popular with investors. Here are a few of their top bullish and bearish posts from the past week.
On the bullish side, one notable article titled “Microsoft’s ‘iPhone Moment’: Bullish Analyst Hikes Price Target To $450 On Potential $25B AI Revenue Boost From Co-Pilot AI” by Shanthi Rexaline highlights analyst Daniel Ives’ upgraded price target for Microsoft Corp. (MSFT). Ives’ optimism is driven by Microsoft’s advancements in AI and the potential $25 billion revenue increase from its Co-Pilot chatbot.
Another bullish article titled “Cathie Wood Outlines Role Of Bitcoin Post-ETF Approval, Praises 21Shares: ‘The Plumbing Works'” by Khyathi Dalal reports on Cathie Wood’s optimism regarding the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). Wood also praises her collaboration with 21Shares on Ethereum (ETH/USD) and Bitcoin (BTC/USD) futures ETF products.
In the cryptocurrency space, an article titled “‘Promising Sign For DOGE’: Analyst Says Steady Increase In Dogecoin Addresses Could Set Stage For Rally” by Mehab Qureshi discusses analyst Ali Martinez’s analysis that the surge in new Dogecoin (DOGE/USD) addresses may be a precursor to a potential rally for the meme cryptocurrency.
On the bearish side, an article titled “Tesla Investor Ross Gerber Worries CEO Musk’s ‘Extreme’ Behavior Could Hit Sales And Damage Brand” by Anan Ashraf highlights investor Ross Gerber’s concerns about Elon Musk’s controversial actions potentially negatively impacting Tesla Inc. (TSLA) sales and brand reputation, despite Gerber’s overall bullish stance on the company.
Another bearish article titled “Plug Power’s Rocky Road As Hydrogen Dreams Face Financial And Regulatory Challenges” by Surbhi Jain examines the struggles of Plug Power Inc. (PLUG), including financial woes, project delays, and regulatory issues. These challenges cast doubt on the company’s ambitious hydrogen ecosystem plans.
For more bullish and bearish calls from the past week, readers can refer to the provided links.
In conclusion, 2023 was a successful year for the stock market, driven by various factors. The performance of Big Tech stocks and the excitement around AI played a significant role in the market’s success. However, there were also concerns and challenges for some companies, as highlighted in the bearish articles. Investors should stay informed about these developments and consider them when making investment decisions.
