10 best-performing S&P 500 stocks 2024: A Year of Resilience and Growth

Amidst economic challenges, the S&P 500 has witnessed remarkable resilience among certain stocks. These companies have not only weathered the storm but have also delivered impressive returns over the past year.

Here are some key takeaways:

  • Nvidia Takes the Lead: The graphics chipmaker Nvidia (NVDA) leads the pack with a staggering 62% increase in share price over the past year. This impressive growth is likely fueled by the continued demand for high-performance computing power for applications like artificial intelligence and gaming. Additionally, analysts’ estimates for Nvidia’s future earnings have grown by a whopping 461%, reflecting optimism about the company’s long-term prospects.

  • Surprise Standouts: Companies like Uber (UBER) and Axon Enterprise (AXON) stand out with significant growth in both share price and future earnings estimates. Uber’s share price has climbed 46%, potentially due to a rebound in the travel industry and increasing adoption of its ride-hailing services. Analysts’ expectations for its future earnings have skyrocketed by a remarkable 8,515%, suggesting a significant shift in their perception of Uber’s profitability potential. Axon, a taser and body camera maker, has seen its share price rise 42%, possibly due to increased demand for law enforcement equipment. The massive 5,392% jump in analysts’ earnings estimates highlights their newfound confidence in Axon’s future growth prospects.

Let’s dive into the top 10 best-performing stocks within the S&P 500, sorted by their price increases:

1. Nvidia Corp. (NVDA)

  • Forward P/E: 32.4
  • Change in Share Price: +262%
  • Change in EPS Estimate: +461%

2. Uber Technologies Inc. (UBER)

  • Forward P/E: 59.4
  • Change in Share Price: +146%
  • Change in EPS Estimate: +8,515%

3. Amazon.com Inc. (AMZN)

  • Forward P/E: 40.8
  • Change in Share Price: +93%
  • Change in EPS Estimate: +158%

4. General Electric Co. (GE)

  • Forward P/E: 33.0
  • Change in Share Price: +89%
  • Change in EPS Estimate: +120%

5. Royal Caribbean Group (RCL)

  • Forward P/E: 12.2
  • Change in Share Price: +74%
  • Change in EPS Estimate: +166%

6. Intel Corp. (INTC)

  • Forward P/E: 29.0
  • Change in Share Price: +73%
  • Change in EPS Estimate: +118%

7. Carnival Corp. (CCL)

  • Forward P/E: 14.6
  • Change in Share Price: +51%
  • Change in EPS Estimate: +623%

8. Axon Enterprise Inc. (AXON)

  • Forward P/E: 68.5
  • Change in Share Price: +42%
  • Change in EPS Estimate: +53%

9. Live Nation Entertainment Inc. (LYV)

  • Forward P/E: 49.8
  • Change in Share Price: +35%
  • Change in EPS Estimate: +89%

10. Equinix Inc. (EQIX)

  • Forward P/E: 76.8
  • Change in Share Price: +33%
  • Change in EPS Estimate: +39%

These companies have demonstrated resilience and growth, making them noteworthy investments within the S&P 500. Remember to conduct further research and consider your investment goals when evaluating these stocks.