Nasdaq Predicted to Soar in 2024 Amid Economic Uncertainty
Tech Stocks HubSpot, Snowflake, and Alphabet Touted for Investment, While Recession Indicator Points to Potential Downturn
- The Nasdaq Composite is expected to soar in 2024, following a historical trend where the tech-centric index has generated returns of 19% on average in every year following a bear market recovery.
- Tech stocks like HubSpot and Snowflake are recommended for investment before the predicted Nasdaq surge. HubSpot's growth is driven by its comprehensive customer relationship management solutions, while Snowflake's value comes from its cloud-based system and suite of tools for data analysis.
- Alphabet, despite facing stiff competition in the AI sector, is considered an underappreciated AI leader and a potential growth stock for 2024. The company's AI business is integrated across its ecosystem, including Google Cloud, Google Search, and YouTube.
- The Federal Reserve Bank of New York's recession probability tool, which takes into account the spread between the 10-year Treasury bond and three-month Treasury bill, predicts a 62.94% chance of a U.S. recession by or before December 2024.
- Growth stocks like Amazon, Etsy, Chewy, Teladoc Health, and CRISPR Therapeutics are recommended for investment in 2024. These companies have shown resilience and growth potential despite economic challenges.
