Peter Brown: Performance of many Irish pensions still tied to Apple and other big US stocks

The group of stocks known as the 'Magnificent 7' is on a massive bull run because of the hyped prospect of artificial intelligence

Apple is part of the 'Magnificent 7' which between them account for almost 30% of the S&P 500 index.

Following a dismal performance as inflation and interest-rate hikes hit markets hard, US and European shares rebounded strongly this year.

Inflation and the subsequent rapid rise in interest rates by the European Central Bank and the US Federal Reserve was the topic of the year, but from mid-summer when the high levels of inflation started to recede, there was growing optimism of interest-rate cuts early in 2024.