Optimism Returns to the Stock Market and Crypto Market in 2024
Despite high interest rates and rising inflation, both the stock market and crypto market have seen a resurgence of optimism in 2024. The S&P 500 index has reached new highs, surpassing 5,000 points, while Bitcoin (BTC) has set multiple consecutive all-time highs. However, not all stocks have performed well during this period. Finbold has examined the best and worst-performing stocks within the S&P 500 index to provide insights into the current market trends.
Nvidia (NASDAQ: NVDA) Takes the Lead with Impressive Performance
Nvidia (NASDAQ: NVDA) continues its success from 2023 and is currently the best-performing stock in the S&P 500 index for the first quarter of 2024. As a dominant player in the semiconductor industry, Nvidia has benefited greatly from the ongoing artificial intelligence (AI) boom. Year-to-date, NVDA shares have seen remarkable growth of 82.58%.
However, Nvidia has recently faced some challenges, struggling to maintain a price above $900 and experiencing a 7.63% decline in the past week alone. On March 14th, NVDA closed at $879.44, down 3.24% for the day.
Tesla (NASDAQ: TSLA) Faces Difficulties as Worst-Performing Stock
Tesla (NASDAQ: TSLA), led by Elon Musk, holds the title of both the worst-performing electric vehicle (EV) stock and overall worst-performing company within the S&P 500 index. Tesla has encountered various issues including sluggish demand, labor disputes, quality concerns with its Cybertruck, production challenges, and a series of analyst downgrades. As a result, TSLA stock has declined by 34.59% since the beginning of 2024.
In recent times, Tesla’s performance has continued to disappoint, with a 4.12% decline in the latest trading session. The stock closed at $162.5, fueling bearish predictions that suggest a collapse to $23.
Constellation Energy (NASDAQ: CEG) Shines with Strong Performance
Constellation Energy (NASDAQ: CEG), based in Baltimore, has emerged as the second-best performing company within the S&P 500 index for 2024. The company’s impressive financial figures, surpassing expectations and its own guidance, have contributed to its success. Year-to-date, CEG shares have soared by 42.85%, with a significant surge of 25.20% in late February.
Despite its positive outlook, Constellation Energy has experienced a correction in recent sessions. The stock is down 8.25% on the weekly chart and closed the last session with a 1.92% decline at $164.64.
Boeing (NYSE: BA) Struggles Amid Quality Issues
Boeing (NYSE: BA) is often associated with negative headlines, making it a strong contender for the worst-performing stock of 2024. However, it currently holds the position of second-worst performer within the S&P 500 index. Boeing has been plagued by quality problems with its MAX series of airplanes and the subsequent investigations, cancellations, and lawsuits. These issues resurfaced after Alaska Airlines Flight 1282’s emergency landing in January. Since the start of 2024, BA shares have declined by 28.05%.
In the past week, Boeing experienced a 10.10% fall in stock price. The latest trading session resulted in a 0.66% decline, with the stock closing at $181.15. Notably, Boeing is down more than 18% since Jim Cramer’s optimistic prediction for the company in 2024.
Meta Platforms (NASDAQ: META) Shows Promise Amidst AI Boom
Meta Platforms (NASDAQ: META), the company behind Facebook, Instagram, WhatsApp, and Threads, has emerged as the third best-performing stock within the S&P 500 index in 2024. Despite not being heavily involved in the AI boom or receiving much attention in recent years, Meta has shown remarkable growth of 42.03% year-to-date.
However, Meta’s performance has slowed down recently, with a 4.39% decline on the weekly chart and a closing price of $491.83 in the latest session.
Meta may have even greater potential for future growth if the Senate agrees with Congress to ban one of its strongest competitors in the U.S., TikTok.
Humana Inc (NYSE: HUM) Faces Challenges in Healthcare Sector
Humana Inc (NYSE: HUM), an insurance company focused on healthcare, is currently the third-worst performing stock within the S&P 500 index for 2024. The company has encountered several setbacks including a reduced revenue outlook for the year, lower-than-expected membership growth, and difficulties navigating changes in the Medicare Advantage market. As a result, HUM shares have declined by 25.78% since January 1st.
Despite these challenges, Humana’s recent performance has shown some improvement with a 2.01% increase in the past week. The stock closed the latest trading session with a 1.07% gain at $348.89.
Hot Take: Market Performance Reflects Diverse Challenges and Opportunities
The performance of stocks within the S&P 500 index in 2024 reflects the diverse challenges and opportunities present in the market. While some companies, such as Nvidia and Constellation Energy, have experienced significant growth and success, others like Tesla and Boeing have struggled to meet expectations. Meta Platforms has shown promise amidst the AI boom, while Humana faces difficulties in the healthcare sector.
As an investor, it is crucial to closely monitor market trends and analyze individual stocks to make informed decisions. The stock market and crypto market offer a range of opportunities, but careful consideration is necessary to navigate the ever-changing landscape.
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