Tech Stocks Dominate as Wall Street Reaches New Heights

A familiar face in 2024 captured the title of best-performing Club stock of the year, and most of its top-performing peers also call the tech world home. The Club's laggards, meanwhile, come from many corners of the market. The individual stock moves occurred during a second consecutive strong year for Wall Street. The S & P 500 and Dow Jones Industrial Average jumped 23.3% and 12.9%, respectively for the year, while the tech-heavy Nasdaq Composite surged 28.6%.

Each benchmark gauge hit numerous record highs, propelled by continued excitement around generative artificial intelligence adoption, expectations of lower interest rates and Donald Trump's win in the presidential election. All three dynamics shaped the list of the Club's top gainers and losers in 2024. Our top two performers, Nvidia and Broadcom , are both chip stocks that reaped the rewards of the AI trade. However, shares of peers that couldn't find their place in the increasingly competitive AI chip market struggled. Case in point: Advanced Micro Devices was one of our worst performers. We exited that position Tuesday as a result. The Federal Reserve started its long-awaited easing campaign in September, delivering its first interest rate cut since the onset of the Covid-19 pandemic. Goldman Sachs and Wells Fargo, among our top gainers, got a lift on that development. Keep in mind: We initiated a position in Goldman less than two weeks ago, and the bulk of its 2024 gains came before then. Wells Fargo and Goldman also were boosted by Trump's victory in early November, as investors bet on a more lenient regulatory environment during his upcoming four years in the White House. On the other side of the Trump trade was Stanley Black & Decker and Constellation Brands — both sensitive to Trump's proposed tariff increases and among the Club's worst performers in 2024. Nextracker , which makes solar tracking systems, also landed on the wrong side of Trump's win. .SPX .IXI

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