• Q1 2024 was another strong quarter for equity markets, with the S&P 500 and Russell 1000 both rising more than 10% to finish at all-time highs.
• Strong performance since late-2022 has been a story of Technology companies, AI, and the Magnificent 7 leading markets higher.
• While names like NVIDIA have continued to push higher and higher, Q1 saw some expansion of performance drivers with the average stock in the Energy, Industrials, Financials, and Staples sectors all outperforming the average Russell 1000 stock for the quarter (see chart).
• Broader participation outside of the Magnificent 7 could be a good sign that the current bull market in equities has more runway.

Sources: 

1. Bespoke; https://www.bespokepremium.com/interactive/posts/think-big-blog/q1-2024-asset-class-performance-big-winners-and-losersMorningstar Direct