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In Wake of Nasdaq Losing Streak, Sierra CIO Tells MarketWatch Investors Should Be Patient

January 5th, 2024
Market Watch

“The Nasdaq kicked off 2024 with its longest losing streak in over a year. This is what is driving it lower.”

The highflying technology stocks that drove much of the U.S. stock market’s advance in 2023 are struggling so far in 2024, with the Nasdaq capping off its longest losing streak since late 2022 on Thursday.

Meanwhile, health-care stocks, utilities and energy stocks, which all finished 2023 in the red, have taken the lead this week, according to FactSet data.

But portfolio managers and investment strategists who spoke with MarketWatch said investors should not be worried about the Magnificent Seven, or the information technology, consumer discretionary and communications services sectors more broadly. At least not yet.

The thoughts and opinions expressed in the article are solely those of the person speaking as of 1/5/2024, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.