The S&P 500 is up 11.7% so far in 2023, even with the stock market in a correction. The Invesco S&P 500 Equal Weight ETF is up just 0.3%. But several megacaps are driving the benchmark index this year, notably Nvidia, Meta Platforms and Tesla.
Royal Caribbean, Carnival Corp., General Electric, Palo Alto Networks, PulteGroup, West Pharmaceutical Services, Advanced Micro Devices, Airbnb and Booking Holdings also make the top performers.
Meta and GE stock are close to buy points, though slightly below their 50-day lines. Tesla stock has moved back up to just below that level. Several of the others have recently sold off amid the market correction and need some repair time.
Nvidia, Meta and BKNG stock are on IBD Leaderboard. Nvidia stock was on the IBD Big Cap 20. Meta Platforms was a recent IBD Stock Of The Day.
S&P 500 Top Performers In 2023
| Company | Ticker | YTD Stock Gain |
|---|---|---|
| Nvidia | NVDA | 197.65% |
| Meta Platforms | META | 149.5% |
| Tesla | TSLA | 103.1% |
| Royal Caribbean | RCL | 86.4% |
| Carnival | CCL | 70.2% |
| General Electric | GE | 69.8% |
| Palo Alto Networks | PANW | 68% |
| PulteGroup | PHM | 62.6% |
| Airbnb | ABNB | 60.5% |
| West Pharmaceutical Services | WST | 59.4% |
| Advanced Micro Devices | AMD | 58.75% |
| Booking Holdings | BKNG | 53% |
Nvidia Stock
Nvidia has been the stock and company of the AI-fueled market rally this year. NVDA stock is up nearly 198% so far in 2023. That's despite tumbling 11.9% in September. Nvidia stock has fallen below its 50-day line, but is moving back toward that key level after holding above its August lows.
Nvidia earnings per share soared 429% in fiscal Q2 2024, with revenue spiking 101%. The Q2 report came with another quarter of blowout guidance.
Meta Stock
Meta stock has surged 149.5% so far in 2023. Shares actually rose 1.5%in September. Meta stock has a consolidation with a 326.20 buy point, according to MarketSmith, moving above the 50-day line on Sept. 28.
Meta has an early handle-like buy point at 312.87. On a weekly chart, the stock has a five-weeks-tight pattern, with the same 312.87 entry.
Shares reversed lower on Sept. 29, ending just below the 50-day line.
The relative strength line is just below highs, reflecting Meta stock's strong performance vs. the S&P 500 index. The RS line is the blue line in the charts provided.
Meta earnings are set to spike 113% in 2023, even though Q1 EPS dipped 3% and Q2 EPS rose 31%.
Tesla Stock
Tesla has spiked 103% in 2023. Shares slipped just over 3% in September, but are moving back toward a sliding 50-day line. TSLA stock has a cup-with-handle base with a 278.98 buy point. Tesla will report Q3 deliveries on Oct. 2.
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Royal Caribbean Stock
RCL stock has cruised 86% higher this year, but retreated 6.9% in September. Royal Caribbean stock has been hitting resistance at a falling 21-day line for several weeks.
After three years of pandemic-related losses, Royal Caribbean turned a profit in Q2 2023, with strong earnings seen for the year and solid growth in 2024.
Carnival Stock
CCL stock has jumped 70.2% in 2023, but tumbled 13.3% in September and 27.1% in the third quarter. Carnival stock broke below its 50-day line in early August and has continued to tumble.
On Sept. 29, Carnival reported an adjusted profit for first time since the pandemic, with revenue more than doubling again and bookings strong. But shares, after initially jumping, reversed lower.
General Electric Stock
GE stock has run up 69.1% in 2023, with a strong, steady run along its 21-day moving average all the way through late July, or arguably Sept. 20. Shares have recently started hitting resistance at the 50-day line. General Electric stock is in a 7%-deep flat base with a 117.96 buy point. GE stock's RS line is right at long-term highs.
GE earnings have been strong, with revenue growth accelerating for the past four quarters.
General Electric is one of the few companies that has been on the S&P 500 since its creation in 1957. But it's gone through many transformations, including a big one right now. The once-sprawling General Electric has been divesting and spinning off units and will emerge as an aerospace pure-play in early 2024.
Palo Alto Stock
PANW stock has advanced 68% in 2023. Shares of the cybersecurity leader slid 3.6% in September. That includes some volatile sell-offs. Palo Alto stock has a messy 258.88 consolidation buy point. Shares are just above the 50-day line.
Palo Alto has had strong and steady earnings and revenue growth, though gains are expected to slow significantly in the new fiscal 2024, ending in July.
PulteGroup Stock
PHM stock represents homebuilders on the S&P 500, rallying 62.6% in 2023, but retreated 9.8% in September, falling decisively below the 50-day line. High mortgage rates may finally be taking a toll on red-hot housing stocks.
PulteGroup earnings growth has slowed in recent quarters but has remained positive even as many other homebuilders reported year-over-year declines.
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New S&P 500 Stock Airbnb
ABNB stock is up 60.5% in 2023. Shares climbed 4.3% in September, just below the 50-day line. Airbnb stock has had wild swings up and down all year. The online booking site has a 154.95 cup-with-handle buy point, but doesn't look especially orderly.
ABNB stock joined the S&P 500 on Sept. 18.
Airbnb earnings jumped 75% in Q2 and are seen rising 75% for the full year. Revenue growth has slowed for six straight quarters.
West Pharmaceutical Stock
WST stock has had some bumps along the way, but is up 59.4% this year. The medical supplies firm is in the midst of one of those bumps, down 7.8% in September, below the 50-day line.
Earnings have fallen for the past four quarters, with year-over-year declines gradually increasing. West Pharmaceutical earnings are expected to rebound soon.
AMD Stock
AMD stock is up 58.75% so far this year, but slid 9.7% in Q3. Shares have been in a downturn since June 13. AMD recently rebounded from the 200-day line, but is still below the 50-day.
AMD stock has suffered EPS declines for the past four quarters, with revenue sliding in the last two.
Booking Stock
BKNG stock is up 53% year to date, edging lower in September but up 14.2% in Q3. Booking stock has a 3,251.71 flat-base buy point. Shares are just below the 50-day line.
Booking earnings have jumped 56%, 197% and 97% in the last three quarters.
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