Can 2023's High-Flying Stocks Keep Climbing in the Year Ahead?
The stock market is poised to end the year on a bullish note.
Expectations for a rise in stocks over the next 6 months have surged to 52.9%, marking the highest level since April 15, 2021 (53.8%), and this number has consistently remained above its historical average of 37.5% for a while now.
Meanwhile, equity ETFs saw $69 billion come in this December, making it the best month of inflows in two years. One of the ETFs that received the most inflows was the SPY.
Monday turned out to be the best weekday this year. The S&P 500 averaged a +0.27% gain on Mondays in 2023, with gains 75.6% of the time.
Since 1953, when the New York Stock Exchange adopted the current five-day trading week, there has never been a year in which the S&P 500 closed higher on Mondays more often.
But 2023 is almost history and it's time to focus on 2024. To that end, let's take a look at the best stocks based on returns in 2023 and what we can expect from them heading into 2024.
Nvidia (NASDAQ:NVDA) designs graphics processing units (GPUs) and chips, it is a world leader in artificial intelligence hardware and software.
Its professional line of GPUs is used for applications in fields such as architecture, engineering and construction, media and entertainment, automotive, scientific research, and manufacturing design.
It was incorporated in 1993 and is headquartered in Santa Clara, California.
On February 21, it presents its results. For 2024 the forecast is for a +268% increase in earnings per share and +117.5% in actual revenues.
In 2023, its shares are up +234%. Looking ahead to 2024 the market gives it potential at $650 from the current $488.
Meta Platforms (NASDAQ:META) was incorporated in 2004 and is headquartered in Menlo Park, California.
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