TECH - 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? | Benzinga
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.