<div id="readability-page-1">In the USA, tech shines, but not all tech The outperformance of the S&amp;P500 index relative to the S&amp;P500 Equal Weighted index continues into 2024. This means that the U.S. margin index is driven primarily by the stocks with the most weight.<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-4985;46868901-B31942;0A3161;FFFFFF;FFAE00;9644C5;28A641;F26B3E;B32400;0E6B9A;B37D00;612D80-3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-4985;46868901-B31942;0A3161;FFFFFF;FFAE00;9644C5;28A641;F26B3E;B32400;0E6B9A;B37D00;612D80-3.png"/> Staying in the US, there's a lot of talk about the Magnificent Seven being down to five, because Tesla and Apple are struggling. Some are even talking about four magnificent ones, although excluding Alphabet seems extremely harsh at the moment.<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2023/12/31-4835;4849;57355629;12864605;24203373;10547141;6344549-005f73;94d2bd;e9d8a6;ee9b00;ca6702;bb3e03;ae2012;9b2226-3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2023/12/31-4835;4849;57355629;12864605;24203373;10547141;6344549-005f73;94d2bd;e9d8a6;ee9b00;ca6702;bb3e03;ae2012;9b2226-3.png"/>ARK Innovation, Cathie Wood's phase ETF, has seen better days. It is shown here against the QQQ ETF, the largest ETF replicating the Nasdaq.<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-43873888,29427089-f77a55;2d7d78;519FB0;ffc2b4-3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-43873888,29427089-f77a55;2d7d78;519FB0;ffc2b4-3.png"/> Hard, hard, also for Cathie against Warren Buffett and his Berkshire Hathaway. The big losses suffered by Tesla and Roku, two of ARK Innovation's main weightings, have taken their toll.<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-29427089,11915-2d7d78;f77a55;519FB0;ffc2b4-3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-29427089,11915-2d7d78;f77a55;519FB0;ffc2b4-3.png"/> In Europe, focus on defense, Lonza and AdyenLonza continues its comeback after a difficult succession and the abandonment of major pandemic-related projects. In recent months, the Swiss group has outperformed both the medtech and fashion sectors:<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-2956013;27471609;599546;56798268;408695;435842;42379342;6491415;6289-f94144;f3722c;f8961e;f9844a;f9c74f;90be6d;43aa8b;4d908e;577590;277da1-2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-2956013;27471609;599546;56798268;408695;435842;42379342;6491415;6289-f94144;f3722c;f8961e;f9844a;f9c74f;90be6d;43aa8b;4d908e;577590;277da1-2.png"/> Finally, focus on two sectors. Defense and European fintechs. The year 2024 confirms the resilience of the defense industry, which continues to benefit from a highly buoyant environment: the need to replenish stocks and dust off European armies.<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-9583545,4715,6491624,162001,436527,4637,9583549,5215,1413189,112902521-f94144;f3722c;f8961e;f9844a;f9c74f;90be6d;43aa8b;4d908e;577590;277da1-2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-9583545,4715,6491624,162001,436527,4637,9583549,5215,1413189,112902521-f94144;f3722c;f8961e;f9844a;f9c74f;90be6d;43aa8b;4d908e;577590;277da1-2.png"/> We conclude with a look at European fintechs in 2024. Adyen, shaken up last year, continues to take its revenge. Worldline and Nexi are in dire straits.<img src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-44211922,16783982,57291674,7477-f94144;f9844a;f9c74f;90be6d;4d908e;577590;277da1-2-3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1300" height="800" original-src="https://imageproxy.pbkrs.com/https://www.marketscreener.com/zbcache/hes/3/650,400,0,Close;2024/01/01-44211922,16783982,57291674,7477-f94144;f9844a;f9c74f;90be6d;4d908e;577590;277da1-2-3.png"/></div>

TSLA

AAPL

ROKU

ARKK

LZAGY

00201

TSLL

Tech stocks in the US, particularly Tesla and Apple, are struggling, leading to a decrease in the number of "magnificent" stocks. ARK Innovation ETF has also suffered losses due to the poor performance of Tesla and Roku. In Europe, Lonza is making a comeback while the defense industry and European fintechs remain resilient. Overall, the market is experiencing fluctuations and challenges in various sectors.

Indices: Five Magnificents instead of Seven