Despite Apple and Tesla Stumbles, 'Fab Four' Tech Giants Power Stock Market Surge

The stock market has continued to surge despite poor performance by Apple and Tesla stocks. A new "Fab Four" tech group of Nvidia, Meta, Microsoft and Amazon has helped drive the rally.

Investor optimism remains high due to hopes of avoiding a severe recession and potential Fed interest rate cuts. Excitement around AI is also bolstering sentiment.

The S&P 500 has hit multiple record highs in 2023 so far. Key economic data, like manufacturing and jobs reports, will provide insight into market direction.

Nvidia stock has soared recently, overtaking Tesla as the most popular stock with retail investors because of high demand for AI computing power.

The "Fab Four" accounted for nearly half the S&P 500's gains last quarter. But some expect a pivot towards other sectors as the year continues.