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Wall Street: these are the 10 S&P 500 stocks with the best performance in 2024

Wall Street: these are the 10 S&P 500 stocks with the best performance in 2024
Wall Street: these are the 10 S&P 500 stocks with the best performance in 2024

Stocks have enjoyed strong performance in 2024 driven by a resilient economy and generally positive earnings results, with the S&P 500 gaining 12% year to date. Large-cap technologies have helped lead the rise, especially the Magnificent 7 group.

An incredible fact is that only 30% of the S&P 500 stocks have outperformed the index so far this year. ANDThis is slightly higher than the 29% that occurred in 2023. Since 1990, a streak of two consecutive years with such a low percentage has occurred only during the 2000 dotcom bubble.

By comparison, the historical median is 49%, which typically implies healthy market breadth. The S&P 500 is up 12% so far this year, driven largely by a few technology stocks. A few stocks are driving the entire market: the famous G7 of technology: Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla.

However, in terms of the best performance so far in 2024, three stocks –Super Micro Computer (SMCI), Constellation Energy (CEG), and Nvidia (NVDA)– reflect some of the best-performing companies in the S&P 500.

Super Micro Computer raised the sales outlook and the stock has performed well thanks to the rise of artificial intelligence, rising by almost a staggering +200% so far this year. The company is a total IT solutions provider for AI, cloud, storage, and 5G/Edge, reflecting a unique investment angle to take advantage of the frenzy.

Analysts have been notably optimistic, raising their earnings expectations across the board. Strong quarterly results have kept the optimism going, with the current Zacks Consensus EPS Estimate of $23.51 for its current fiscal year suggesting 100% year-over-year growth.

Ranking of the best 10 stocks so far this year

1) Symbol: SMCI

Name: Super Micro Computer Inc.

Industry: Hardware technology, storage.

Total profitability 2024: 197.1%

2) Symbol: NVDA

Denomination: NVIDIA Corp

Industry: semiconductors and semiconductor equipment

Total profitability 2024: 166.3%

3) Symbol:VST

Name: Vistra Corp

Industry: electric companies

Total profitability 2024: 128.2%

4) Symbol: CEG

Name: Constellation Energy Corp: Constellation Energy Corp

Industry: Electrical companies

Total profitability 2024: 84.5%

Nvidia.jpg

Analysts have been notably optimistic, raising their earnings expectations across the board.

Reuters

5) Symbol:MU

Name: Micron Technology Inc.

Industry: Semiconductors and semiconductor equipment

Total profitability 2024: 65.8%

6) Symbol: FSLR

Name: First Solar Inc.

Industry: Semiconductors and semiconductor equipment

Total profitability 2024: 58.8%

7) Symbol: AVGO

Name: Broadcom Inc: Broadcom Inc

Industry: Semiconductors and semiconductor equipment

Total profitability 2024: 56.1%

8) Symbol: NRG

Name: NRG Energy Inc: NRG Energy Inc

Industry: Electrical companies

Total profitability 2024: 54.1%

9) Symbol: DECK

Name: Deckers Outdoor Corp

Industry: Textile, clothing and luxury goods

Total profitability 2024: 53.2%

10) Symbol: GE

Denomination: General Electric Co.

Industry: Aerospace and Defense Aerospace and Defense

2024 Total profitability: 53.1%

Source: Ambito

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