2023 Year Recap | Top Performing Stocks: Affirm and Coinbase Burst Higher on Hopes of Fed Rate Cuts

Approaching the end of 2023, the US stock market has continued to reach new highs. Looking at stock performance of companies with market caps greater than $10 billion, $Affirm Holdings (AFRM.US)$ has had the highest return, surging over four-fold this year due to various factors, including the growing anticipation of Fed rate cuts. $Coinbase (COIN.US)$ has also experienced strong performance, with its stocks rising by more than 350% this year.

The story of the stock market in 2023 has largely been about optimism around AI and weight loss drug companies. The market's growing fascination with AI has overshadowed worries about the impact of Fed's rate hikes this year. As a result, the seven giants of the US stock market, referred to as the "Magnificent Seven", have been at the forefront of the bullish market.Among mega-cap stocks, $NVIDIA (NVDA.US)$ has experienced the highest increase, with an impressive gain of nearly 240% this year.