How the U.S. stock market rocketed through the first quarter

The U.S. stock market is off to a soaring start in 2024, as optimism over the economy and interest rate cuts has combined with exuberance about the business opportunity in artificial intelligence to stir up a potent cocktail for equities.

Key to this year’s gains has been confidence from investors that the economy is set for a “soft landing”, in which inflation moderates but the economy avoids a severe downturn. Stocks have been able to defy a rise in Treasury yields, after rising yields were a pressure point for equities in 2023. The yield on the benchmark 10-year Treasury was last around 4.2%, up from 3.86% at the end of last year.

The stock market continues to be propelled by some of the megacap companies that led the way in 2023. Other megacaps have not fared so well. Apple shares have slipped 10%, with the iPhone maker hurt by pressure on its China business and from antitrust regulators. Tesla has tumbled about 28%, hit by worries about electric vehicle demand.

Investors have also been fixated to start the year on which companies stand to benefit from increasing use of AI.

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