The S&P 500 is up 12.5% so far in 2023, even with the stock market in a correction. The Invesco S&P 500 Equal Weight ETF (RSP) is up just 1%. But several megacaps are driving the benchmark index this year, notably Nvidia (NVDA), Meta Platforms (META) and Tesla (TSLA). Amazon.com (AMZN), another Magnificent Seven member, also is among the S&P 500’s top-12 performers this year.
Royal Caribbean (RCL), Carnival Corp. (CCL), General Electric (GE), Palo Alto Networks (PANW), PulteGroup (PHM), West Pharmaceutical Services (WST), Salesforce.com (CRM)and Airbnb (ABNB) also make the top performers.
Meta and GE stock are close to buy points, though slightly below their 50-day lines. Tesla stock had been holding up, but suffered heavy losses recently. Several of the others have recently sold off amid the market correction and need some repair time.
Nvidia stock and Meta are on IBD Leaderboard, with CRM. VRTX stock are on the IBD 50. Meta Platforms was Friday’s IBD Stock Of The Day.
S&P 500 Top Performers In 2023
|Company||Ticker||YTD Stock Gain|
|Palo Alto Networks||PANW||62.3%|
|West Pharmaceutical Services||WST||59.6%|
Nvidia has been the stock and company of the AI-fueled market rally this year. NVDA stock is up 188.9% so far in 2023 through Sept. 25. That’s despite tumbling 14.5% so far in September. Nvidia stock has fallen decisively below its 50-day line, but is 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 has surged 150% so far in 2023. Shares are actually up 1% in September. Meta stock has a cup-with-handle base with a buy point of 312.87, according to MarketSmith. 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 117% in 2023, even though Q1 EPS dipped 3% and Q2 EPS rose 31%.
Tesla has spiked 100.5% in 2023. Shares are off 5.6% in September, including a 10.75% tumble in the week ended Sept. 22. TSLA stock has a cup-with-handle base with a 278.98 buy point, but shares are now noticeably below the 50-day line. The chart is cracking, not broken.
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Royal Caribbean Stock
RCL stock has cruised 84% higher this year, but has retreated 8.3% in September. Royal Caribbean stock suffered with sharp losses in the week ended Sept. 22.
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.
CCL stock has jumped 72.5% in 2023, but the stock has fallen 13.3% in September and just over 27% in the third quarter. Carnival stock broke below its 50-day line in early August and has continued to tumble.
Revenue growth has been in the triple digits for several quarters, but that likely ended in fiscal Q3 2023, which are due on Sept. 29. But Carnival is expected to turn its first quarterly profit in several years.
General Electric Stock
GE stock has run up 70.9% in 2023, with a strong, steady run along its 21-day moving average all the way through late July, or arguably Sept. 20. Shares are now clearly, but modestly, below the 50-day line for the first time this year following an outside, downside week. Still, 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.
PHM stock represents homebuilders on the S&P 500, rallying 62.4% in 2023, but has retreated 9.9% 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.
Palo Alto Stock
PANW stock has advanced 62.3% in 2023. Shares of the cybersecurity leader have fallen 7.3% in September and 11.7% so far in Q3. That includes some volatile sell-offs. Palo Alto stock has a messy 258.88 consolidation buy point, but has fallen sharply to below its 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.
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West Pharmaceutical Stock
WST stock has had some bumps along the way, but is up 59.6% this year through Sept. 22. The medical supplies firm is in the midst of one of those bumps, down 8.7% in September, now clearly below the 50-day line once again.
Earnings have fallen for the four quarters, with year-over-year declines gradually increasing. West Pharmaceutical earnings are expected to rebound soon.
New S&P 500 Stock Airbnb
ABNB stock is up 56.7% in 2023. Shares are actually up 1.2% in September, but tumbled 7.4% in the week ended Sept. 22, tumbling 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 just 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.
AMZN stock has gained 56.3% in 2023. Shares hit a 52-week high on Sept. 14, just above a short flat base. Amazon stock is up 0.4% in Q3, despite tumbling 8% last week. Shares are now well below the 50-day line, undercutting the prior base.
CRM stock is up 55.6% so far, despite sliding 73.2% in Q3. Salesforce stock has a 238.22 buy point, but is near the bottom of the consolidation, now solidly below the 50-day line.
Salesforce earnings have boomed 100%, 72% and 78% in the past three quarters, with revenue growth in the low double digits.
Please follow Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for stock market updates and more.
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