Yahoo Finance 3 Powerful Stocks Including Tesla and Meta Beat the Market in 2023 — 5 More Worth Keeping Eye On
If you’re looking to diversify into stocks in 2024 or just looking to bolster your portfolio, tread carefully with your choices. Despite the bull market, 72% of stocks on the S&P 500 under-performed the market as a whole, MarketWatch reported.
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Three names stood out with incredible market gains in 2023. Not surprisingly, all three are large-cap tech stocks, and one is part of the collection of stocks known as FAANG, which stands for Facebook (now Meta), Amazon, Apple, Netflix and Google.
Meta Platforms earned a 167.45% return, according to a report from Morningstar. Chip manufacturer NVIDIA returned nearly 239% in gains. And Tesla, in spite of challenges and a lackluster fourth-quarter report, yielded gains of 130% in 2023.
You also probably can’t go wrong with any of the other FAANG stocks for long-term investing. CNBC’s Jim Cramer dubbed these stocks, together with NVIDIA, Microsoft and Tesla, as the Magnificent Seven. “To sell any of them is to forget that they have this kind of incredible power,” Cramer said during a Mad Money segment.
But there are other tech and internet stocks worth watching in 2024, too.
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1. Intellia Therapeutics (NTLA)
At less than $25 per share today, biotech stock Intellia Therapeutics could be a steal. The company develops CRISPR gene-editing technologies to battle rare diseases transthyretin amyloidosis, hereditary Angioedema, and hemophilia A/B.
2. Coinbase (COIN)
Coinbase yielded a 391% return last year, according to Morningstar research. The leading U.S.-based cryptocurrency exchange, Coinbase seeks to win big as the crypto winter winds down and Bitcoin and other cryptocurrencies continue to rise in price.
3. DraftKings (DKNG)
“DraftKings has extended its leading daily fantasy sports position, first established in 2012, into one of the top positions in the North American sports betting and iGaming market,” senior equity analyst Dan Wasiolek told Morningstar.
While gambling may not pay off for many in the long run, gambling stocks like DraftKings could show high gains in 2024 as the sports betting and iGaming market continues to grow.
4. Palantir Technologies (PLTR)
Palantir Technologies, founded by Peter Thiel, who remains the second-largest shareholder, took a hit in the first week of 2024, according to an article by Simply Wall St published at Yahoo Finance. But that follows 167% gains in 2023.
The company’s leading role in artificial intelligence (AI) at the enterprise level signals it might be a good time to buy the dip.
5. Oracle (ORCL)
AI-related stocks did well in 2023, with many of the FAANG stocks making significant headway in AI developments. Keep an eye on Oracle, the database software developer with a solid history and significant revenue growth in the fourth quarter of 2023. The company recently partnered with Microsoft Azure to build new data centers to meet demand, according to The Motley Fool.
Remember, no stock is guaranteed to grow. Seeking help from a financial advisor can help you build a diversified portfolio in line with your risk tolerance and financial goals.
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This article originally appeared on GOBankingRates.com: 3 Powerful Stocks Including Tesla and Meta Beat the Market in 2023 — 5 More Worth Keeping Eye On
