S&P 500 companies set to dominate the market in 2024

With a strong 2023 that has seen some strong performers and S&P 500 companies that managed to increase their market capitalization, it is no wonder why investors are already keen to see which could replicate this performance in 2024.

With the expectations of reduced inflation and multiple rate cuts by the FED this year, the stock market seems eager to perform strongly in the next 12 months.

With this in mind, Finbold has gathered technical and fundamental analysis data and analyst predictions and considered the current market trends to single out companies whose stock may have a robust performance in 2024.

Nvidia (NASDAQ: NVDA)

One of the strongest performers from the S&P 500 in the previous 365 days, Nvidia (NASDAQ: NVDA), has found its place on this list, adding over 200% to its value.

And it also started this year on the right foot, as it has already increased its valuation by 13.58%.

The volume shelf, indicated by the trading activity surrounding NVDA, unquestionably transformed into a launchpad during the previous week, signifying a notable increase in trading volume and potential market momentum for the stock, as per a post from stock analyst Jake Wujastyk on January 16.

At the time of press, this stock was trading at $547.10, losing -0.20% of its value from the previous closure while adding 10.46% in the last five trading sessions.

Amazon (NASDAQ: AMZN)

Another stock from the S&P 500 index that has witnessed a healthy increase in its valuation in the previous year is Amazon (NASDAQ: AMZN), which managed to add 60% to its value.

Currently, the focus revolves around artificial intelligence (AI), a pivotal element influencing various facets of operations and presenting vast opportunities. Amazon’s substantial investment in generative AI for Amazon Web Services (AWS) is particularly noteworthy.

In the 2023 third quarter, Amazon returned to double-digit sales growth, achieving a 13% increase compared to the previous year, just in time for the substantial holiday season. Moreover, the company has reported a robust financial performance, with operating income quadrupling and net income more than tripling, surging from $2.9 billion to $9.9 billion during the third quarter.

At the time of writing, AMZN was trading at $154.62, with a decrease of -0.36% from the last trading session and a gain of 5.32% since the previous five. It has managed to add 3.13% to its value since the start of this year.

Alphabet (NASDAQ: GOOGL)

For those looking for solid performers with a strong backing that guarantees slow but steady success with no surprises, Alphabet (NASDAQ: GOOGL) stock might be just the pick.

Analysts anticipate a robust performance from this company, attributed to its strong free cash flow (FCF).

Alphabet aligns with the characteristics of a typical growth at a reasonable valuation (GARP) stock. Illustratively, analysts anticipate an 11% growth in revenue for the current year compared to 2023. This projection is derived from a survey encompassing insights from 49 analysts, who forecast $340.1 billion in revenue for 2024 instead of the projected $305.73 billion in 2023.

At the time of reporting, GOOGL shares were trading at $142.65, marking an increase of 0.40% from the previous closure and a 4.61% gain in the last five trading sessions.

With their strong performance in the previous year and ventures in AI technology that are seeing rapid expansions in multiple industries, these companies look set to continue with their gains in 2024.

However, it is crucial to notice that investors should conduct their analysis and research to protect themselves from unnecessary risks when investing.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.