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Top-performing 10 stocks to watch in 2024

Explore the top-performing stocks to watch in 2024, including key insights into their recent performance and growth potential amidst evolving market conditions.

Investing

Stocks

6 mins

Aug 1, 2024

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Top-performing 10 stocks to watch in 2024

As we approach Q4 2024, the landscape for investors is becoming increasingly challenging. With economic growth projections remaining subdued and the possibility of a mild recession still looming, the stock market's future feels uncertain. High interest rates, the highest in over two decades, could limit opportunities for reliable growth investments. 

However, growth stocks have shown remarkable resilience, consistently outpacing value stocks since early 2024. Investors are eagerly awaiting a potential shift in Federal Reserve policy, hoping for a favorable climate for growth-oriented investments. 

In this context, we've identified 10 top-performing stocks that have delivered impressive annual revenue growth of at least 15% over the past three years. These companies are well-positioned to continue their strong performance, making them worth watching in the coming year.

article-imgNvidia Corp. ($NVDA) 🚀

Nvidia Corp. ($NVDA) is a leading technology company known for its powerful graphics processing units (GPUs) and advanced computing solutions. The company plays a pivotal role in various sectors, including gaming, data centers, and artificial intelligence (AI). Since the beginning of 2024, Nvidia's stock has surged by 125%, driven by growing interest and investment in AI technologies, which have positioned the company as a key player in this rapidly evolving market.

Alphabet Inc. ($GOOG) 📈

Alphabet Inc. ($GOOG), the parent company of Google, is a global technology giant renowned for its dominance in search, digital advertising, and a wide range of innovative products and services. Beyond its core search business, Alphabet has made significant strides in cloud computing, artificial intelligence, and autonomous vehicles through its subsidiary Waymo. The company's YouTube platform continues to be a leading player in the digital media landscape. Since the start of 2024, Alphabet's stock has risen by over 25%, buoyed by strong earnings, continued expansion in its cloud services, and the growing importance of AI in its product offerings.

Meta Platforms Inc. ($META) 🌐

Meta Platforms Inc. ($META), formerly known as Facebook, is a leading social media and technology company that owns popular platforms like Facebook, Instagram, WhatsApp, and Oculus. Meta has been a pioneer in social networking and is now at the forefront of virtual reality and the metaverse, aiming to create immersive digital experiences. Since the beginning of 2024, Meta's stock has increased by over 30%, driven by strong user engagement, innovative new features, and the company's strategic investments in the metaverse.

Tesla Inc. ($TSLA) ⚡

Tesla Inc. ($TSLA) is a pioneering electric vehicle (EV) manufacturer and clean energy company, known for its innovative approach to sustainable transportation and energy solutions. Tesla's product lineup includes electric cars, solar products, and energy storage solutions, supported by its cutting-edge battery technology and vast Supercharger network. Despite a challenging market environment, Tesla's stock has declined by 11% since the beginning of 2024. However, the company maintains a competitive edge with its advanced technologies, strong brand loyalty, and continuous expansion into new markets. Tesla's leadership in EV technology and commitment to innovation position it well for long-term growth, even amidst short-term market fluctuations.

JPMorgan Chase & Co. ($JPM) 💼

JPMorgan Chase & Co. ($JPM) is one of the world's largest and most influential financial institutions, offering a wide range of services, including investment banking, asset management, and consumer financial services. Known for its strong balance sheet and diversified business model, JPMorgan has a significant presence in both domestic and international markets. Since the start of 2024, the company's stock has risen by 24%, reflecting robust performance in its core banking operations, favorable interest rate environments, and strategic investments in digital banking technologies. As a leader in the financial sector, JPMorgan continues to benefit from its scale, innovation, and resilience, making it a key player to watch.

Salesforce Inc. ($CRM) 🛠️

Salesforce Inc. ($CRM) is a leading provider of cloud-based software, specializing in customer relationship management (CRM) solutions that help businesses streamline sales, service, marketing, and more. Known for its innovative platform and comprehensive suite of applications, Salesforce empowers companies to connect with customers in new and meaningful ways. Throughout 2024, Salesforce's stock price has remained relatively stable overall. However, the company has experienced periods of rapid growth, with the stock surging by up to 25% within a matter of weeks.

Advanced Micro Devices Inc. ($AMD) 🔧

Advanced Micro Devices Inc. ($AMD) is a global semiconductor company known for its high-performance computing products, including processors, graphics cards, and chipsets. AMD has been a major player in the tech industry, providing cutting-edge solutions for gaming, data centers, and professional visualization. Throughout 2024, AMD's stock price has remained largely unchanged, currently trading at similar levels to the start of the year. However, the stock experienced a notable surge, climbing as much as 50% at its peak, driven by strong demand for its products and advancements in semiconductor technology. This volatility highlights the market's enthusiasm for AMD's innovative offerings and strategic growth initiatives.

Chevron Corp. ($CVX) ⛽

Chevron Corp. ($CVX) is a leading multinational energy corporation involved in virtually every aspect of the energy sector, including oil and gas exploration, production, refining, and marketing. As one of the world's largest integrated energy companies, Chevron plays a crucial role in supplying energy globally while also investing in renewable energy projects and technologies. Since the beginning of 2024, Chevron's stock has risen by 5%, reflecting steady performance amidst fluctuating oil prices and a dynamic global energy market. The company's diversified portfolio and commitment to sustainable energy solutions continue to position it as a key player in the energy industry.

Mastercard Inc. ($MA) 💳

Mastercard Inc. ($MA) is a global leader in the payments industry, offering a wide range of financial services, including credit, debit, and prepaid cards, as well as payment processing and solutions. The company's extensive network connects consumers, financial institutions, merchants, and businesses worldwide, facilitating secure and efficient transactions. Since the beginning of 2024, Mastercard's stock has increased by 5%, with a peak gain of 15% earlier in the year. This growth reflects strong consumer spending trends, strategic partnerships, and Mastercard's continued innovation in digital payments and financial technology. 

Exxon Mobil Corp. ($XOM) 🌍

Exxon Mobil Corp. ($XOM) is a major integrated energy company engaged in the exploration, production, refining, and marketing of oil and natural gas. With a vast global footprint and significant investments in energy infrastructure, Exxon Mobil plays a crucial role in meeting global energy demands. Since the beginning of 2024, the company's stock has risen by 12%, driven by a favorable oil price environment, strong operational performance, and ongoing efforts to enhance operational efficiency. Exxon Mobil's robust financial position and strategic investments in both traditional and renewable energy sectors continue to make it a prominent player in the global energy market.

Conclusion

The diverse performance of these top-performing stocks highlights the dynamic nature of the market as we move through 2024. From the resilience of growth stocks like Nvidia and Alphabet to the strategic stability of established names such as Chevron and Exxon Mobil, each company offers unique opportunities and challenges. 

As you navigate these market dynamics, consider exploring how our platform, nomo, can enhance your trading experience. With advanced tools and features designed to help you stay informed and make strategic decisions, nomo is here to support your investment journey. 

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