I t is the first trading day of the year. The stockmarket opens a whisker away from an all-time high. American equities have soared over the past 12 months, up by around 25%, with a handful of technology giants leading the charge. There is a big move in the share price of Apple, the world’s most valuable company, which sets off a move in the broader market. This dictates the tone for the rest of the day. Feeling déjà vu? For these facts describe both January 3rd 2022 and January 2nd 2024. In 2022 the mood on the first trading day of the year was approaching euphoria. The s&p 500 index of large American firms rose to 4,796 points,…
