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The Communication Services sector has overtaken the Info Tech segment to emerge as the top performing segment of the S&P 500 in 2024. This shift can be partially credited to Netflix, whose robust earnings report earlier this week fueled the sector’s returns.
With a collective surge of 9.3% in 2024, the sector is notably outperforming the major market averages. The Dow (DJI) is up merely 1.3%, the S&P 500 (SP500) is higher by 3% while the Nasdaq Composite (COMP.IND) is up 4% on the year.
Despite various setbacks in the market, the Communication Services sector has emerged as a beacon of hope, surpassing investor expectations and market experts’ forecasts.
Below are the top 10 performing Communication Services stocks with market caps of at least $10B, according to Wall Street analysts.
Top 10 Performing Communication Services Stocks YTD
No. 10: Publicis Groupe S.A. (OTCQX:PUBGY) +7.6% YTD.
No. 9: The Liberty SiriusXM Group (LSXMA) +7.8% YTD.
No. 8: Formula One Group (FWONK) +8.1% YTD.
No. 7: Fox Corporation (FOXA) +8.3% YTD.
No. 6: Alphabet (NASDAQ:GOOG) (GOOGL) +9% YTD.
No. 5: Meta Platforms (NASDAQ:META) +11% YTD.
No. 4: NetEase, Inc (NTES) +11.1% YTD.
No. 3: Verizon Communications (NYSE:VZ) +12.2% YTD.
No. 2: Spotify Technology (SPOT) +13.9% YTD.
No. 1: Netflix (NASDAQ:NFLX) +15.4% YTD.
What makes these stocks special is their ability to withstand market volatility, bolstering investor confidence by demonstrating resilience and adaptability in the face of economic headwinds.
Furthermore, to gain a deeper understanding of the Communication Services sector, investors can explore exchange-traded funds (ETFs) that offer a diversified position in the sector. These funds can provide valuable insights and serve as potential investment opportunities. Here are some of Wall Street’s notable Communication Services focused ETFs with their respective 2024 performances:
- Communication Services Select Sector SPDR Fund (XLC) +6.7% YTD.
- Vanguard Communication Services ETF (VOX) +6.4% YTD.
- Fidelity MSCI Communication Services Index ETF (FCOM) +4.4% YTD.
- IShares Global Comm Services ETF (IXP) +6.4% YTD.
- Invesco S&P 500 Equal Weight Communication Services ETF (RSPC) +2.4% YTD.
