The S&P 500 is up 12.5% so far in 2023, even with the stock market in a correction. The Invesco S&P 500 Equal Weight ETF (RSP) is up just 1%. But several megacaps are driving the benchmark index this year, notably Nvidia (NVDA), Meta Platforms (META) and Tesla (TSLA). Amazon.com (AMZN), another Magnificent Seven member, also is among the S&P 500’s top-12 performers this year.
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Royal Caribbean (RCL), Carnival Corp. (CCL), General Electric (GE), Palo Alto Networks (PANW), PulteGroup (PHM), West Pharmaceutical Services (WST), Salesforce.com (CRM)and Airbnb (ABNB) also make the top performers.
Meta and GE stock are close to buy points, though slightly below their 50-day lines. Tesla stock had been holding up, but suffered heavy losses recently. Several of the others have recently sold off amid the market correction and need some repair time.
Nvidia stock and Meta are on IBD Leaderboard, with CRM. VRTX stock are on the IBD 50. Meta Platforms was Friday’s IBD Stock Of The Day.
S&P 500 Top Performers In 2023
Company
Ticker
YTD Stock Gain
Nvidia
NVDA
188.9%
Meta Platforms
META
150%
Tesla
TSLA
100.5%
Royal Caribbean
RCL
84%
Carnival
CCL
72.5%
General Electric
GE
70.9%
PulteGroup
PHM
62.43%
Palo Alto Networks
PANW
62.3%
West Pharmaceutical Services
WST
59.6%
Airbnb
ABNB
56.7%
Amazon
AMZN
56.3%
Salesforce
CRM
55.6%
Nvidia Stock
Nvidia has been the stock and company of the AI-fueled market rally this year. NVDA stock is up 188.9% so far in 2023 through Sept. 25. That’s despite tumbling 14.5% so far in September. Nvidia stock has fallen decisively below its 50-day line, but is holding above its August lows.
Nvidia earnings per share soared 429% in fiscal Q2 2024, with revenue spiking 101%. The Q2 report came with another quarter of blowout guidance.
Meta Stock
Meta stock has surged 150% so far in 2023. Shares are actually up 1% in September. Meta stock has a cup-with-handle base with a buy point of 312.87, according to MarketSmith. The relative strength line is just below highs, reflecting Meta stock’s strong performance vs. the S&P…
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