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Market Review May 2 2023
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STRATxAI

February 2024

Market Review - May 2 2023

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The first four months of 2023 have come and gone, and it's time to take a peek at how the different asset classes are performing year-to-date. We've got you covered with our analysis of the stock market indices, sectors, style factors, and market cap quintiles. We're also throwing in a bonus look at the impressive year-to-date performance of the major cryptocurrencies.

You can read last week's review here.

A Market Cap Chasm

So far in 2023, the market cap weighted Nasdaq-100 (QQQ) and S&P 500 (SPY) have been performing exceptionally well, with the mega cap stocks leading the way. The Nasdaq-100 has seen an increase of over 21%, while the S&P 500 has risen by over 9%. Comparatively, the Dow Jones Industrial Average has seen a growth of 2.5%, while the small cap Russel-2000 (IWM) has remained relatively unchanged.

Fed balance sheet

In order to provide a more detailed analysis of stock performance based on market capitalization, we have sorted each stock in our universe into one of five groups, or quintiles, based on their market cap. The results are striking. The returns of each quintile show a linear increase corresponding to the size of the underlying market capitalizations. The largest 20% of stocks outperformed the smallest 20% of stocks by a 10.4% differential.

returns based on market capitalisation

Sectors

Turning now to the sector data. The Non-Energy Minerals sector has been the top performer this year. The stocks in this sector have an average year-to-date return of 11.3%. The Services and Technology Services sectors follow closely behind. The worst performing sector in 2023 has been the Energy Minerals sector, returning -7.3%.

sector performance year to date

💡 If you'd like to research and create your own stock strategy using various market cap groups or sectors, then check out our Xplore Stocks tool. 💡

Cryptocurrency Craze

After a torrid 2022, the cryptocurrency market has sprung into life this year. Bitcoin has surged by almost 75% while Ethereum has risen over 55%. The other major cryptocurrencies are all in the green also. 2023 has generally been favorable for risk-on assets, as evidenced by the crypto returns graph shown below. Bitcoin investors can take comfort in its price performance during the banking crisis that has unfolded since the beginning of the year.

large cap crypto return year to date

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