After a sour year in the stock market that saw the broad market S&P 500 (NYSE:SPY) fall nearly 20%, and other pandemic-darlings like Apple Inc (NASDAQ:AAPL), and Amazon.com, Inc (NASDAQ:AMZN) falling by as much as 50%, investors are looking for a sharp reversal to the upside in 2023.
What Happened: Last year, the S&P closed down 19.4%, coming in as the seventh worst year for the index, according to FactSet data, citing records stretching back to 1929. Many people who went long on stocks in 2021 saw their profits evaporate over the course of the year.
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Turning the page to 2023, the S&P 500 is up 2.31%, while the aforementioned shares of Apple and Amazon are up 8.42%, and 9.22%, respectively.
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Benzinga conducted a survey among its followers, soliciting their opinions on the best investment options for a hypothetical sum of $25,000 that must be held until the end of 2023.
Here’s what they said.
- Day-trading SPY options
- Litecoin (CRYPTO: LTC)
- Mining companies
- Treasury bills
- Apple, once [shares] hit under $110
- Nvidia Corporation (NASDAQ:NVDA)
- Tesla Inc (NASDAQ:TSLA)
- High yield savings account, something 3.5%
- A 4% CD for 12 months
- Nio Inc - ADR (NYSE:NIO)
The results of the poll show that some users are looking for reversals in those beaten down tech stocks of 2022, while others would take advantage of the high interest rate environment by shoring up funds in high-yielding accounts.