It was an interesting first quarter for investors as stocks climbed a wall of worry, carving out record highs along the way. Indeed, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite gained between 5% and 10% over the three months.
This impressive price action once again came at the hands of several mega-cap tech and communication services stocks. Among the biggest gainers were artificial intelligence (AI) chipmaker Nvidia (NVDA) and Facebook parent Meta Platforms (META) – two of the Magnificent 7 stocks – that have surged roughly 80% and 40%, respectively, so far this year.
