What 7 stocks could double or triple in 2024?
Year-to-date in 2024, the Magnificent Seven stocks are up about 13%, on average, which doubles up the approximately 6.5% return for the S&P 500, but a closer look at the performance of the seven stocks shows a mixed bag. Nvidia (+65%), Meta (+39%), Amazon (+17%), and Microsoft (+10%) are all up YTD as of Feb.
Year-to-date in 2024, the Magnificent Seven stocks are up about 13%, on average, which doubles up the approximately 6.5% return for the S&P 500, but a closer look at the performance of the seven stocks shows a mixed bag. Nvidia (+65%), Meta (+39%), Amazon (+17%), and Microsoft (+10%) are all up YTD as of Feb.
Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the first quarter of 2024 showed a big divergence of returns.
The Magnificent Seven – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – command nearly 30% of the S&P 500 market cap. That's sparked concerns about overconcentration and has fueled fears of a sudden end to the AI bubble mirroring the collapse of the dot-com craze in 2000.
Each of the so-called Magnificent Seven stocks—Nvidia, Meta, Amazon, Microsoft, Alphabet, Apple and Tesla—gained at least 49% in 2023 and powered the broader market higher.
Nvidia Is the Best-Performing "Magnificent Seven" Stock: Here's Why I Wouldn't Buy. The aptly named "Magnificent Seven" is a group of (mostly) technology companies that have generally delivered above-average returns, especially over the past decade.
The most expensive stock listed on U.S. exchanges is Berkshire Hathaway. At the time of this writing, Berkshire Hathaway stock was trading at $623,000 a share. But that price point is for its Class A stock (BRK. A).
So far, so good. Meta stock surged after its fourth-quarter earnings report in early February, which showed record sales and was headlined by plans for its first-ever dividend. Meta stock is up more than 45% in 2024. Meta has stayed red-hot after surging nearly 200% in 2023.
Investors' concerns that the Magnificent Seven bubble may soon be about to burst could be completely unfounded, according to new analysis from JPMorgan, which argues the top-performing tech stocks are actually undervalued compared to rival stocks.
There are signs that a rebound in IPO volume is in the cards for this year, with interest rates peaking and stock markets around the world rallying during the early months of 2024.
What stocks to buy in March 2024?
The top undervalued, non-penny stocks on the NYSE or the Nasdaq for March 2024 that trade below $50 per share include Joyy, Ebang International Holdings, STRATTEC Security, Central Plains Bancshares, EuroDry, Landsea Homes, Viatris, Alico, Universal Stainless & Alloy Products, EQT, and Consolidated Water Co.
Analysts see big potential for these drugs over the next 12 months. Fiverr International (FVRR): FVRR to could double as freelancing grows. Lithium Americas (LAC): The rebound of lithium prices make LAC strong.
Stocks are considered long-term investments. This is, in part, because it's not unusual for stocks to drop 10% to 20% or more in value over a shorter period of time. Investors have the opportunity to ride out some of these highs and lows over a period of many years or even decades to generate a better long-term return.
Since the index hit its latest low in October 2022, seven stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — have collectively risen nearly 117 percent, far outpacing the performance of the other 493 companies in the S&P 500. Together, these stocks have become known as the “Magnificent Seven.”
A more inclusive group called the Big Five defines Google, Amazon, Meta, Apple, and Microsoft as the tech giants.
Most companies will have investors believe they are excellent long-term bets. That's obviously not always the case, but let's consider two solid "forever" investments that'll help you sleep easy at night: UnitedHealth Group (UNH -0.57%) and Berkshire Hathaway (BRK.A -1.39%) (BRK.B -1.07%).
In addition to Costco Wholesale Corporation (NASDAQ:COST), Walmart Inc. (NYSE:WMT), and Berkshire Hathaway Inc. (NYSE:BRK-B), The Procter & Gamble Company (NYSE:PG) ranks as one of the safest stocks to invest in.
Lok Sabha election: Experts have recommended 11 stocks to buy for the long-term — BEL, NTPC, NHPC, SBI, Canara Bank, ONGC, HAL, M&M, MSIL, ICICI Bank, and Axis Bank. Lok Sabha election 2024: After the sell-off on Dalal Street, the Indian stock market investors must be looking for bottom fishing opportunity.
Meta Platforms, Inc. (NASDAQ:META), Netflix, Inc. (NASDAQ:NFLX), NVIDIA Corporation (NASDAQ:NVDA), and Advanced Micro Devices, Inc. (NASDAQ:AMD) are some top performing growth stocks in 2024.
But things have been looking up, as the S&P 500 (^GSPC -0.93%) has surged by more than 33% since late 2022. While it's unclear whether prices will continue soaring, many people are hopeful that we're in the early stages of a new bull market. If that's the case, 2024 could be a great year for the stock market.
What is the next big thing to invest in?
Next Big Thing in Investing: Artificial Intelligence
The tech space is always worth watching when it comes to seeking out the next big thing in investing. Right now it seems that artificial intelligence (AI) is driving that bus and will be for the foreseeable future.
The S&P 500 generated an impressive 26.29% total return in 2023, rebounding from an 18.11% setback in 2022. Heading into 2024, investors are optimistic the same macroeconomic tailwinds that fueled the stock market's 2023 rally will propel the S&P 500 to new all-time highs in 2024.
The top undervalued, non-penny stocks on the NYSE or the Nasdaq for March 2024 that trade below $50 per share include Joyy, Ebang International Holdings, STRATTEC Security, Central Plains Bancshares, EuroDry, Landsea Homes, Viatris, Alico, Universal Stainless & Alloy Products, EQT, and Consolidated Water Co.
Generally, experts recommend investing around 10-20% of your income. But the more realistic answer might be whatever amount you can afford. If you're wondering, “how much should I be investing this year?”, the answer is to invest whatever amount you can afford!
