Top 5 S&P 500 Stocks Making Big Waves in 2024
The S&P 500 (SNPINDEX: ^GSPC) has increased by 20% as of November 1. However, five standout stocks have outperformed, each more than doubling this year.
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1. Vistra
Vistra (NYSE: VST) has surged 210%. The company provides electricity and produces energy through various sources, including nuclear and renewables.
This impressive growth is partly due to the rising demand for electricity, especially from tech giants such as Microsoft and Amazon, as AI technology becomes more prevalent.
2. Nvidia
Nvidia (NASDAQ: NVDA) has skyrocketed 173% this year. Established over 30 years ago, the company is best known for its graphic processing units (GPUs) that power personal computers and gaming consoles.
Investor interest has heavily centered on Nvidia’s role in AI-driven data centers, reinforcing its strong market position.
3. Palantir Technologies
Palantir Technologies (NYSE: PLTR) has risen 144% this year. Founded in 2003 to serve U.S. intelligence agencies, Palantir now also works with private sector clients.
The company has seen success with its AI platform, which uses machine learning, contributing to a remarkable 54% growth in U.S. commercial revenue for the third quarter.
4. Constellation Energy
Constellation Energy (NASDAQ: CEG) has climbed 121% this year. A leader in nuclear energy, it is also expanding its renewable energy initiatives.
Recent interest in nuclear energy is notable, highlighted by a new 20-year agreement to supply nuclear energy to Microsoft, signed at the end of September.
5. GE Vernova
GE Vernova (NYSE: GEV) began trading independently in April post its spin-off from GE and has seen shares rise by 111% in just seven months.
This company, engaged in generating and managing electricity, has become attractive to investors due to its focus on renewable and natural gas energy.
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*Stock Advisor returns as of November 4, 2024
John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Constellation Energy, Microsoft, Nvidia, and Palantir Technologies. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
