Fundamental, Webinar

CFRA Asia Broadcast: 2024 Market Outlook – Election Year Enthusiasm, Tech Views on AI and the Magnificent Seven

Tuesday, December 19, 2023
10:30 AM SGT

The Presidential election year is nearly upon us. Since 1945, the S&P 500 has posted an average double-digit total return increase (and rose 100% of the time) when an incumbent was up for reelection. In addition, the Russell 2000 (since 1972) and Nasdaq Composite (since 1980) also posted mid-teens advances and gained in price more than 85% of the time. Will 2024 record a similar surge now that the Fed has finished raising rates and the market is in the second year of this bull market?

Ken Leon, CPA, Director of Equity Research, Was the moderator.

Sam Stovall, Chief Investment Strategist, discussed how current conditions may confirm or alter historical precedent and share CFRA’s selections in what has historically been a surprisingly profitable year.

Angelo Zino, Vice President - Equity Research, provided CFRA’s outlook on the Information Technology and Communications Services sectors, emphasizing trends tied to AI, the cloud, and digital ad spending. Also, we offered insights for each Magnificent 7 heading into 2024.

This webcast offered advisors a better understanding of the following topics:

  • Key factors expected to impact the 2024 equity market – Fed policy, interest rates, earnings, and valuation.
  • Election year sentiment on the market and different election outcomes for the White House and Congress.
  • Fundamental views on how AI is reshaping technology in cloud, semiconductors, and digital advertising in social media.
  • Magnificent Seven profile weighing the 2024 risk/reward with significant concentration in the S&P 500 and the broader market.


Ken Leon, CPA, Moderator
Director of Equity Research
Ken Leon is Director of Equity Research at CFRA. He is responsible for analytical research as well as client servicing. Ken’s research industries as an equity analyst are the U.S. global banks and alternative asset managers in the financial sector, multifamily residential REITs, and movies & entertainment in the communications services sector. Ken is a thought leader that provides ongoing in-depth research and communications to key customer segments. He is active with most media networks and leading print media and is widely sought for his investment views on the large banks and capital market trends. Ken previously held the position of Global Director of Research and Industry Analyst for S&P Global Market Intelligence. Prior to joining CFRA in 2003, Ken spent over two decades in equity research with research leadership responsibilities at ABN Amro, Bear Stearns, and Lehman Brothers. He was a three-time Institutional Investor All-Star for his coverage of wireless telecommunications services, as one of the pioneers in this industry. Ken holds both a Bachelor of Science degree and an MBA from New York University. He was also licensed in the State of New Jersey as a Certified Public Accountant.
Sam Stovall, CFP
Chief Investment Strategist
Sam is Chief Investment Strategist. Sam Stovall is an analyst, publisher, and communicator of CFRA’s outlooks for the economy, market, and sectors. He is the author of The Seven Rules of Wall Street and The S&P Guide to Sector Investing. He also writes weekly “Sector Watch” and “Investment Policy” reports on CFRA’s MarketScope Advisor platform and maintains the Industry Momentum and Seasonal Rotation portfolios. His work is also found in CFRA’s flagship weekly newsletter The Outlook.
Angelo Zino, CFA
VP of Equity Research and Tech Sector Head
Angelo is a Vice President at CFRA and leads up the Technology team at the firm. His responsibilities include conducting research and recommending equity investments across the Technology and Communications Services sectors, specializing in mega cap technology firms, semiconductors, and social media companies. In addition, Angelo has extensive knowledge covering disruptive trends tied to Artificial Intelligence (AI) and digital advertising, among other areas. Angelo was previously an Industry Analyst with S&P Global Market Intelligence and worked there from 2007 through 2016. Prior to S&P Global and CFRA in 2016, Angelo was Vice President and Portfolio Manager at North Fork Bank, investing accounts through the utilization of mutual funds. In addition to that role, he was an Analyst for the North Fork Bank Trust Department, recommending industrial stocks through fundamental analysis and technical analysis-driven models. Angelo holds an MBA in Finance from Hofstra University and is also a CFA charterholder.


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