Nvidia Corp. NVDA has undoubtedly emerged as the standout performer among S&P 500 stocks in the initial two months of 2024.
While the Santa Clara, California-based tech company enjoyed a 60% gain, there’s a pack of lesser-trumpeted names that have quietly delivered impressive returns in their own right.
These stocks have significantly outpaced the broader market.
Within the S&P 500 index, 10 stocks have achieved returns exceeding 25% so far this year. Noteworthy among them are three from the Magnificent Seven subset, showcasing the enduring strength of mega-cap tech players.
In contrast, the median S&P 500 stock, tracked by the S&P 500 Equal Weight ETF RSP, has eked out a modest 3% return, while the market-cap weighted SPDR S&P 500 ETF Trust SPY has posted a more substantial 7% surge.
Top 10 Performing S&P 500 Stocks (As Of Feb. 29, 2024)
| Company | YTD Return | Market Cap |
| NVIDIA Corporation | 60.02% | $1,950.35B |
| Constellation Energy Corporation CEG | 43.31% | $53.04B |
| Meta Platforms, Inc. CEG | 38.14% | $1,246.58B |
| Advanced Micro Devices, Inc. CEG | 29.17% | $307.66B |
| Eli Lilly and Company LLY | 29.03% | $677.07B |
| Ralph Lauren Corporation RL | 28.37% | $11.83B |
| Tapestry, Inc. TPR | 28.27% | $10.83B |
| Catalent, Inc. CTLT | 28.24% | $10.41B |
| Uber Technologies, Inc. UBER | 28.18% | $163.88B |
| Juniper Networks, Inc. JNPR | 25.12% | $11.96B |
What Wall Street Thinks…
Investors are likely considering whether the top-performing stocks still offer room for further growth, given their already impressive returns.
A reliable measure to gauge this potential is comparing the current stock price with the 1-year median price target projected by Wall Street analysts.
Among the top 10 S&P 500 stocks year-to-date, Uber Technologies stands out with the largest potential upside to its median price target, showing a significant difference of 13.8%. Catalent follows closely behind, boasting a 10% potential upside, while Nvidia still maintains a respectable 7% upside compared to its median price target.
However, it’s worth noting that there are other stocks within the S&P 500 index showing even more substantial potential upside.
Here’s a summary of the significant disparities between current market prices and Wall Street analysts’ forecasts within a one-year horizon.
Top 10 S&P 500 Stocks By Upside Potential Vs. Wall Street’s Price Target
| Company | 1-Year Price Target (Med) vs Current Price |
| Warner Bros. Discovery, Inc. WBD | 54.73% |
| Newmont Corporation NEM | 46.80% |
| Caesars Entertainment, Inc. CZR | 45.11% |
| The AES Corporation AES | 43.79% |
| Insulet Corporation PODD | 43.12% |
| First Solar, Inc. FSLR | 41.12% |
| Schlumberger Limited SLB | 41.03% |
| Carnival Corporation & pIc CCL | 38.85% |
| Biogen Inc. BIIB | 36.04% |
| Baker Hughes Company BKR | 35.75% |
What Reddit Users Think…
A method for gauging social sentiment among U.S. stocks is provided by the VanEck Social Sentiment ETF BUZZ.
This fund allocates investments to companies that exhibit favorable insights gathered from various online sources, such as social media platforms, news articles, blog posts, and other alternative datasets.
Below, a table highlights the top 10 holdings within the BUZZ ETF, along with their year-to-date performance:
Most-Loved Stocks By Social Users
| Company | Weight In Buzz ETF | YTD Return |
| Coinbase Global, Inc. COIN | 4.36% | 16.00% |
| MicroStrategy Incorporated MSTR | 3.42 | 61.51 |
| Super Micro Computer, Inc. SMCI | 3.37 | 203.07 |
| NVIDIA Corporation | 3.21 | 60.06 |
| SoFi Technologies, Inc. SOFI | 3.16 | -9.55 |
| PayPal Holdings, Inc. PYPL | 3.09 | -1.68 |
| Tesla, Inc. TSLA | 3.07 | -19.05 |
| Advanced Micro Devices, Inc. | 3.00 | 29.65 |
| Meta Platforms, Inc. | 2.96 | 38.49 |
| Amazon.com, Inc. AMZN | 2.93 | 15.23 |
Image: Midjourney
