2023: A year of contrasts for the US economy.

Strong on paper with low unemployment and a booming S&P 500, yet consumer sentiment tells a different story. Spending power eroded, with food prices leading the charge, creating a disconnect between economic indicators and everyday experience.

Tech sees a split landscape. Big players, driven by AI innovations, are flourishing, with Nvidia leading the charge. The recovery is slower for those who IPO’d in the VC boom, yet there’s momentum building, especially among smaller tech firms. The Renaissance IPO ETF’s 40% uptick since December ’22 signals a cautious optimism, bolstered by potential Fed rate cuts. But, the election looms large, adding an element of uncertainty to the mix.

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