3 Top Growth Stocks Primed for a Powerful Year-End Rally
With just two months left to go in 2023, the technology-heavy Nasdaq Composite has been the top performer of the major U.S. indexes by a wide margin thus far, soaring 27% year-to-date.
That compares to an increase of 12.4% for the benchmark S&P 500 over the same time span and a 2.1% gain for the blue-chip Dow Jones Industrial Average.
The ongoing tech rally has been fueled by investor optimism that the Federal Reserve’s rate-hike cycle is all but over, even though the central bank left the door open for more.
Taking that into consideration, I recommend buying shares of Palantir (NYSE:PLTR), Pinterest (NYSE:PINS), and Roku (NASDAQ:ROKU) as the Fed seems unlikely to raise rates further in the months ahead.
All three companies still offer further upside in my view, despite their impressive year-to-date gains, and have plenty of room to grow their respective businesses, making them solid long-term investments.
Palantir (NYSE:PLTR) shares look set to extend their powerful rally in the weeks ahead as investors dial back expectations for future rate hikes and the economy continues to undergo a sea change of digitization.
The data-mining specialist delivered an ‘earnings triple play’ on Thursday, delivering profit, sales growth, and guidance which all exceeded consensus expectations thanks to soaring demand for its new artificial intelligence platform.
Palantir posted adjusted earnings per share of 7 cents, up 600% from EPS of 1 cent in the year-ago period. The company’s third-quarter results mark its fourth-straight quarter of profitability, making it eligible for inclusion in the S&P 500.
Revenue jumped 17% year-over-year to $558.2 million as it benefited from robust demand for its data analytics tools and services from both
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