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2023’s Top Dogs: Nvidia, Meta Lead S&P 500 Charge In Tumultuous Year — But Which ‘Magnificent Seven’ Stock Will Be 2024’s Runaway Winner?

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

With just one trading session left in the year, the U.S. market has rebounded impressively from its lackluster performance in 2022. The S&P 500 is poised to break out to a new high, boasting a gain of 24.6% for the year. Meanwhile, the S&P Equal Weight Index, which equally weights its constituents, has seen a more modest 12% advance, highlighting the influence of mega-caps in the market rally.

Top Winners:

Nvidia Corp. (NASDAQ:NVDA

YTD Gain: +239%

AI-leveraged Nvidia takes the lead with a 239% gain. The company’s AI accelerator chipsets, powering large-language models, have positioned it at the forefront of the tech arena.

Meta Platforms, Inc. (NASDAQ:META)

YTD Gain: +198%

Meta benefited from a rebound in ad spending and efficiency measures, including significant job cuts. The success of its TikTok clone, Reels, contributed to its impressive performance.

Royal Caribbean Cruises Ltd. (NYSE:RCL)

YTD Gain: +163%

Cruise-line operators rebounded from COVID-19 disruptions, capitalizing on the resurgence in travel and leisure. Economic uncertainties have made people cautious, but the outlook may improve in the new year.

Builders FirstSource, Inc. (NYSE:BLDR)

YTD Gain: +160%

Despite a lackluster housing market recovery, this Dallas-based supplier of building materials secured the fourth spot among the S&P 500 gainers.

Uber Technologies, Inc. (NYSE:UBER)

YTD Gain: +155%

Uber’s gains were spread throughout the year, with a steeper ascent in the latter part, driven by news of its S&P 500 inclusion.

Palo Alto Networks, Inc. (NASDAQ:PANW)

YTD Gain: +112%

Palo Alto, a security software company, secured the ninth spot among the best-performing S&P 500 stocks, driven by strong fundamental performance.

Tesla, Inc. (NASDAQ:TSLA)

YTD Gain: +106%

Tesla’s performance was a tale of two halves. Despite concerns over aggressive price cuts impacting margins, the stock is set to end the year as the tenth best-performing S&P 500 stock.

See Also: Best Growth Stocks Right Now

What Lies Ahead for the ‘Magnificent Seven’?

The “Magnificent Seven” is the moniker given to the biggest seven mega-cap tech names: Nvidia, Meta, Tesla, Amazon, Inc. (NASDAQ:AMZN) (up 83% YTD), Alphabet, Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) (+59% YTD), Microsoft Corp. (NASDAQ:MSFT) (+58% YTD) and Apple, Inc. (NASDAQ:AAPL) (+50% YTD). The…

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