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U.S. stock markets were unusually strong in the first half of 2023 as the rally in tech stocks helped add over $4 trillion to the market cap of Nasdaq Composite ($NASX) constituents. In fact, the index rose almost 32% to have its best first-half performance in four decades.
However, markets have weakened in August, and major equity indices have now closed with losses for three consecutive weeks. Apple (AAPL), which is Berkshire Hathaway’s (BRK.B) biggest holding and among Warren Buffett's favorite companies, is down nearly 10% from its 2023 highs.
