It looks like 2024 will end with a big gain for investors in US stocks, with the S&P 500 up 28% year-to-date. If this gain holds, 2024 will go down as one of the best years in the last 20, with only 2013 and 2019 doing (just slightly) better.
However, unlike those years, the momentum isn’t coming mainly from tech. That’s a good sign because it suggests that AI darlings like NVIDIA (NVDA) aren’t driving the market to irrational heights.
Still, if you’re mainly holding US stocks, you might be wondering if, after all these gains, now is a good time to focus more on foreign shares.
This post originally appeared at Contrarian Outlook.