Top 10 Best-Performing Stocks 2024

The S&P 500's upward momentum in 2024 carried into June, bolstered by robust first-quarter earnings that alleviated concerns about decelerating economic growth and the risk of stagflation. Following an impressive performance in 2023, the S&P 500 has already surged by 14.5% this year. Investors remain optimistic, anticipating that the inflation outlook will continue to improve in the upcoming months.

Several sectors have led the charge in this rally, with health care stocks benefiting from unique catalysts, artificial intelligence stocks capitalizing on advancements in technology, and stocks related to nuclear energy gaining traction. Among these top-performing sectors, certain stocks have stood out significantly.

As we progress through the year, these sectors and stocks will likely continue to draw investor attention, given their strong performance and potential for future growth. The combination of innovative technologies, advancements in health care, and the increasing interest in sustainable energy sources like nuclear power positions these stocks as key

10 Best-Performing Stocks 2024

Below is a list of the 10 best-performing stocks of 2024. These stocks are traded on major U.S. exchanges and boast market capitalizations of at least $1 billion, showcasing their prominence and stability in the current market landscape.

Core Scientific Inc. (CORZ)

Sector: Technology

Market Cap (USD): 1.99 billion

Year-to-date Performance: 170.3%

Core Scientific runs facilities for digital asset mining, blockchain infrastructure, and software solutions. It mines Bitcoin (BTC) for its own balance sheet and provides third-party hosting services. After emerging from bankruptcy, Core Scientific re-listed on the Nasdaq in January. In June, it announced new 12-year contracts with CoreWeave for 200 megawatts of infrastructure to support high-performance computing. This, along with rising cryptocurrency prices, has boosted Core Scientific’s share price by 170.3% in 2024.

Viking Therapeutics Inc. (VKTX)

Sector: Healthcare

Market Cap (USD): 5.50 billion

Year-to-date Performance: 184.8%

Viking Therapeutics is a clinical-stage biotechnology company developing therapies for metabolic and endocrine disorders. Their lead drug, VK2735, is being tested for obesity in both oral and injectable forms. Recent positive mid-phase test results have shown significant weight loss in patients.

Arcutis Biotherapeutics Inc. (ARQT)

Sector: Healthcare

Market Cap (USD): 1.19 billion

Year-to-date Performance: 187.9%

Arcutis Biotherapeutics is an early commercial-stage dermatology company focused on immune-mediated dermatological diseases. Their topical roumilast cream and foam are FDA-approved for treating plaque psoriasis and seborrheic dermatitis. They're also testing roumilast cream for atopic dermatitis in children.

Super Micro Computer Inc. (SMCI)

Sector: Technology

Market Cap (USD): 47.80 billion

Year-to-date Performance: 188.2%

Super Micro Computer produces a wide range of computer hardware products, including servers, networking equipment, motherboards, and chassis. The company has exposure to high-growth technology fields such as cloud computing, AI, blockchain technology, and autonomous vehicles.

Vital Farms Inc. (VITL)

Sector: Consumer Staples

Market Cap (USD): 1.74 billion

Year-to-date Performance: 198.1%

Vital Farms packages, markets, and distributes pasture-raised eggs, butter, and other products. Their brands include Vital Farms, Lucky Ladies, Alfresco Farms, and RedHill Farms. The company has reported strong revenue growth and improved financial performance in recent quarters.

Summit Therapeutics Inc. (SMMT)

Sector: Healthcare

Market Cap (USD): 6.54 billion

Year-to-date Performance: 198.8%

Summit Therapeutics is a biopharmaceutical company developing treatments for infectious diseases. Their key drug, SMT112 (ivonescimab), is in late-stage clinical trials for treating metastatic non-small cell lung cancer and has shown promising results compared to leading competitors.

NuScale Power Corp. (SMR)

Sector: Energy

Market Cap (USD): 3.39 billion

Year-to-date Performance: 255.3%

NuScale designs and markets small modular reactors (SMRs) for nuclear energy generation. They are the first and only SMR company with a design certified by the U.S. Nuclear Regulatory Commission. The company stands to benefit from increased government investment in clean nuclear energy.

Janux Therapeutics Inc. (JANX)

Sector: Healthcare

Market Cap (USD): 2.28 billion

Year-to-date Performance: 290.4%

Janux Therapeutics is a clinical-stage biotechnology company developing immunotherapies that target and kill tumors without damaging healthy tissue. Their lead candidates, JANX007 and JANX008, have shown encouraging results in clinical trials for various types of cancer.

Longboard Pharmaceuticals Inc. (LBPH)

Sector: Healthcare

Market Cap (USD): 1.41 billion

Year-to-date Performance: 348.3%

Longboard Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing therapies for neurological diseases. Their lead drug candidate, bexicaserin (LP352), is being tested for treating seizures associated with various developmental and epileptic encephalopathies.

Avidity Biosciences Inc. (RNA)

Sector: Healthcare

Market Cap (USD): 4.79 billion

Year-to-date Performance: 351.3%

Avidity Biosciences uses its proprietary antibody-oligonucleotide conjugates (AOC) platform to design RNA therapeutics. They have three programs in clinical development for treating various muscular dystrophies, including myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral muscular dystrophy.

How to Buy Stocks Steps by Steps

To buy stocks, you can follow these steps:

1. Open a brokerage account: Begin by opening an online brokerage account, which requires filling out an application and providing necessary documents like identification and proof of address. Compare fees and services of different brokers to find the best fit for your needs. Once your account is approved, fund it by transferring money from your bank account. This step is crucial as it sets up the foundation for all your trading activities.

2. Research stocks: Use a stock screener to filter through thousands of stocks based on criteria such as market capitalization, sector, and financial performance. Additionally, review analyst ratings to get professional insights on the stock’s potential. Consider your risk tolerance; for example, dividend stocks and bonds generally present lower risk, while small-cap and growth stocks are considered higher risk but offer potentially higher returns. This research helps you identify stocks that align with your investment strategy.

3. Decide how many shares to buy: Determine the number of shares you want to purchase based on your budget and the stock’s price. It’s important to diversify your investments to mitigate risk. Consider fractional shares if the stock price is too high, allowing you to invest in expensive stocks without committing a large amount of capital. This decision should align with your overall financial goals and risk tolerance.

4. Choose an order type: Selecting the right order type is critical. A market order buys the stock immediately at the current market price, providing quick execution but not price control. Conversely, a limit order lets you set a specific price at which you’re willing to buy, offering price control but not guaranteed execution. Understanding the pros and cons of each order type helps you make more informed trading decisions.

5. Place your order: After deciding on the stock, number of shares, and order type, place your order through your brokerage platform. Double-check all details before confirming the transaction to avoid any mistakes. Once placed, monitor your order status to ensure it is executed as planned. This step finalizes your entry into the stock market.

6. Manage your portfolio: Effective portfolio management involves regularly reviewing your investments and making adjustments as needed. Monitor stock performance, review analyst ratings for updates, and stay informed about market trends. Learn when to sell stocks to either take profits or cut losses. Rebalancing your portfolio periodically ensures it remains aligned with your financial goals and risk tolerance.

What to Look for When Choosing Stocks to Buy

When evaluating which stocks to buy, consider these key features:

• Strong Financials: Examine the company’s balance sheet to determine its financial stability. Assess whether the company has substantial debt or is on solid financial footing. Look for improving or stable profit margins over time, as declining margins can signal financial trouble.

• Solid Competitive Position: Analyze the company’s competitive stance in the market. Determine if its competitive position is strengthening or weakening in the face of competition. A robust competitive edge can be a significant indicator of long-term success.

• Growth: Investigate the company’s recent track record in growing sales and earnings. Consistent growth in these areas is a positive sign, while declining sales can restrict the company’s future options and potential for success.

• Valuation: Assess how expensive the stock is relative to its earnings and cash flow. Understanding the valuation helps you gauge how much you are paying for the company’s future growth potential. Look for stocks that offer good value relative to their growth prospects.

• Management: Evaluate the alignment of management with outside shareholders. Consider whether management is enriching themselves at the expense of shareholders or if they are genuinely guiding the business towards growth. Transparency and honesty from management are crucial for making informed investment decisions.

• Future Opportunities: Consider the company’s potential for future growth. Identify whether the company has clear avenues for expansion and development, which can enhance its long-term prospects.

  These factors are essential for making a potential investment, but it’s also important to consider other aspects, such as the company’s capital allocation strategies. This includes examining stock repurchases and dividend policies, which can impact shareholder value. By thoroughly evaluating these features, you can make more informed decisions when choosing stocks to buy.