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In the USA, tech shines, but not all tech
The outperformance of the S&P500 index relative to the S&P500 Equal Weighted index continues into 2024. This means that the U.S. margin index is driven primarily by the stocks with the most weight.
Staying in the US, there's a lot of talk about the Magnificent Seven being down to five, because Tesla and Apple are struggling. Some are even talking about four magnificent ones, although excluding Alphabet seems extremely harsh at the moment.
ARK Innovation, Cathie Wood's phase ETF, has seen better days. It is shown here against the QQQ ETF, the largest ETF replicating the Nasdaq.
Hard, hard, also for Cathie against Warren Buffett and his Berkshire Hathaway. The big losses suffered by Tesla and Roku, two of ARK Innovation's main weightings, have taken their toll.
In Europe, focus on defense, Lonza and Adyen
Lonza continues its comeback after a difficult succession and the abandonment of major pandemic-related projects. In recent months, the Swiss group has outperformed both the medtech and fashion sectors:
Finally, focus on two sectors. Defense and European fintechs.
The year 2024 confirms the resilience of the defense industry, which continues to benefit from a highly buoyant environment: the need to replenish stocks and dust off European armies.
We conclude with a look at European fintechs in 2024. Adyen, shaken up last year, continues to take its revenge. Worldline and Nexi are in dire straits.
