The Top 5 Performing S&P 500 Stocks YTD in 2024

Key Points

• The S&P 500 is up 25.31% YTD, well above its average, boosted by rate cuts, AI and technological growth, and a post-election rally.
• Several sector giants in the S&P 500 index have surged remarkably higher this year, outpacing the broader market and posting triple-digit YTD returns.
• The top five performers include familiar and surprising names from sectors such as energy, technology, and utilities.

The S&P 500 has had an extraordinary year so far, with the S&P 500 ETF NYSE: SPY boasting a 25.31% return year-to-date, well above the market’s average pace. Driving this surge are shifting monetary policies, the Federal Reserve’s consecutive rate cuts, rapid advancements in AI and technology, and this week’s almost 5% rally following Donald Trump’s presidential election victory. Against this backdrop, several individual stocks have surged to remarkable heights, outperforming the broader market with notable momentum. 

Below, we dive into the top five performers, including names that might surprise even the most seasoned investors.

First Place: Vistra Corp Up 252% YTD

Leading the pack is Vistra Corp NYSE: VST, a name that may be unfamiliar to many but has become a standout in the energy sector, capitalizing on renewed interest in nuclear power. Vistra’s YTD return of 252% has been driven by its strong positioning to meet growing AI infrastructure demands. With 41,000 MW of generation capacity, including 6,400 MW of nuclear power and the second-largest energy storage capacity in the U.S., Vistra is well-aligned with the market’s future energy needs.

The stock saw another boost this week, gaining nearly 9% after posting impressive Q3 results on November 7, with EPS of $1.15 meeting estimates and revenue surging past expectations at $6.29 billion, beating forecasts by 25%. Even legendary investor Stanley Druckenmiller took notice, initiating a position in VST after divesting from NVIDIA in 2023.

Second Place: Palantir Technologies Inc. Up 225% YTD

Close behind in second place is Palantir Technologies NYSE: PLTR, whose stock has skyrocketed 225% YTD, bolstered by surging demand for AI and big data analytics solutions. Known for its federal and private sector partnerships, Palantir’s technology-driven platform has captured investor interest this year.

After its Q3 earnings report on November 4, shares jumped 34% this week as the company beat EPS estimates, reporting $0.10 per share compared to the anticipated $0.09. Revenue was impressive, climbing 30% YoY to $725.52 million, ahead of analyst expectations. While the stock’s RSI has reached overbought levels, signaling the potential for a short-term pullback, Palantir’s growth trajectory remains highly compelling.

Third Place: NVIDIA Up 200% YTD

Unsurprisingly, NVIDIA NASDAQ: NVDA has clinched the third spot, delivering a 200% YTD return as demand for AI applications continues to drive demand for the company’s GPUs. Already up nearly 190% in 2023, NVIDIA has maintained momentum, recently hitting new all-time highs as it heads into its Q3 earnings report on November 20. Analysts remain bullish, with 39 of 43 offering a “Buy” rating, citing the company’s AI and computing power dominance.

Fourth Place: GE Vernova Inc. Up 156% YTD

In fourth place is GE Vernova NYSE: GEV, up 156% YTD, despite being a lesser-known name among S&P 500 components. Following its spin-off from General Electric in April, this newly independent utility-focused company has gained investor favor for its emphasis on renewable energy and natural gas. GE Vernova operates through power, wind, and electrification segments, contributing to the company’s robust growth this year.

However, with the consensus price target from 25 analysts implying around a 22.3% downside, some caution is warranted for potential investors, as the stock may have gotten ahead of its fundamentals in recent months.

Fifth Place: Targa Resources Corp. Up 116% YTD

Targa Resources NYSE: TRGP is rounding out the top five with a solid 116% YTD return. Targa is a significant player in the North American energy infrastructure space. It operates through its Gathering and Processing and Logistics and Transportation segments, which are critical to its natural gas and NGL operations. Targa has also benefited from strong earnings growth, posting Q3 EPS of $1.75, surpassing estimates by $0.17. While trading at a P/E of 33 and forward P/E of 24.49, the stock’s current valuation suggests room for continued growth, especially with forecasted EPS growth of 35% next year.