Nvidia (NVDA) was the leading performer in the S&P 500 throughout 2023, dominating the index for much of the year. However, that has changed. Power generation company Vistra (VST) surged in September, overtaking Nvidia stock.
Nuclear energy leader Constellation Energy (CEG) and data analytics firm Palantir Technologies (PLTR) also achieved significant gains, alongside Howmet Aerospace (HWM). Notably, Howmet stock is the sole entry among the top-five S&P 500 stocks that is neither an artificial intelligence stock nor closely linked to AI.
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Palantir stock joined the S&P 500 on September 23, while Vistra stock was added on May 8.
Nvidia stock is featured on the Leaderboard and SwingTrader. Nvidia, Palantir, and Howmet Aerospace stocks are part of the IBD 50. Both Howmet Aerospace and Palantir stocks are included in the IBD Big Cap 20.
S&P 500 Stocks: Top 2024 Performers
| Company | Stock | YTD return |
|---|---|---|
| Vistra | VST | 207.7% |
| Nvidia | NVDA | 145.2% |
| Constellation Energy | CEG | 122.4% |
| Palantir Technologies | PLTR | 116.7% |
| Howmet Aerospace | HWM | 85.2% |
Vistra Stock
Vistra is a diversified electric utility and power generation company with facilities in natural gas, nuclear, solar, and battery storage. Alongside other power generators like Constellation Energy, Vistra has positioned itself as an AI-adjacent player, catering to the substantial energy needs of AI data centers.
Driving earnings higher, the surge in electricity prices has greatly contributed.
In 2024, Vistra stock has skyrocketed by 207.7%, featuring a remarkable 38.75% increase in September alone. According to MarketSurge analysis, VST stock broke out from a base dating back to late May. The shares are currently extended from a 107.24 buy point. This rally was also boosted by Constellation Energy’s initiative to reopen the Three Mile Island nuclear facility.
VST stock saw a slight rise on Tuesday.
Nvidia Stock
As the leader in AI chip technology, Nvidia has reported triple-digit growth in both earnings and sales for five consecutive quarters. However, this trend might conclude with the fiscal Q3 ending in October, as the company gears up to transition to its next-generation AI process, the Blackwell line.
Nvidia stock has achieved a 145.2% gain this year but experienced a 1.7% decline in Q3. Since early September, NVDA stock has rebounded, with shares possessing a 131.26 buy point from an unusual handle.
Nvidia experienced a solid decline on Tuesday.
Constellation Energy Stock
A dominant player in nuclear energy, Constellation Energy is witnessing a rise in earnings as electricity prices increase.
On September 20, the company announced its plans to restart Unit 1 of the Three Mile Island nuclear plant, targeting a return to operation by 2028. Constellation has secured a 20-year agreement to supply all its power to Microsoft (MSFT) to meet its data center demands.
Constellation Energy stock has surged by 122.4% in 2024, with a remarkable 22% increase on September 20 following the Three Mile Island announcement. Shares have surpassed a buy point from a base extending back to late May and are now slightly extended from the buy zone, consolidating for several days.
Constellation shares edged up on Tuesday.
Palantir Stock
Traditionally, Palantir has derived the bulk of its revenue from U.S. military and government contracts, but its commercial segment is currently expanding rapidly. The revenue growth rate has accelerated for four consecutive quarters, reaching 27% in Q2, with earnings growth strong at 80% in the same period.
Palantir stock has surged by 116.7% in 2024, including a 75% surge since the August 5 low of 21.23. The announcement of PLTR stock’s inclusion in the S&P 500 spurred a 14% gain on September 9.
Despite the substantial gains, holding this S&P 500 stock has been challenging, with two previous breakouts ultimately failing before the shares made a rebound.
PLTR stock decreased modestly on Tuesday.
S&P 500: Howmet Aerospace Stock
Howmet, a producer of titanium alloy products for major players such as Boeing (BA) and Airbus (EADSY), is benefiting from the rising demand for jets. The company reported a 52% increase in earnings for Q2, marking its best year-over-year growth in many years.
Howmet stock has risen by 85.2% in 2024, following earnings-gap breakouts in both early May and late July. The non-AI stock leader in the S&P 500 recently broke out from a seven-week range, with a new buying opportunity offered by a 98.15 three-weeks-tight entry.
HWM stock edged higher on Tuesday, reaching a new record high.
For market updates and more, please follow Ed Carson on Threads at @edcarson1971 and on X/Twitter at @IBD_ECarson.
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