Tuesday's Market Minute: 2023's Best Performers: NVDA, META, TSLA, AMD

As the market continues to change hands in favor of the bulls, the tech titans (which were already having a stellar year) have continued to rip higher. Companies seen as a strong play into generative AI have witnessed massive favoritism, like Advanced Micro Devices AMD, Nvidia NVDA, and Meta Platforms META. Now with 138 trading sessions left in the year (that’s 878 hours of trading), who are the winners and losers so far? Within the S&P 500 index (which is up 13.5% so far in 2023 through Monday’s close), Nvidia still tops the list. By a lot. 

Nvidia shares have now gained 174% year-to-date, with Meta Platforms being the next best performer, adding 128% so far in 2023. Tesla comes in third, up 106%, followed by Advanced Micro Devices jumping 104%. Impressive for Tesla, 35% of that gain has occurred in the last 12 trading sessions alone. With the exception of Tesla, all three of those names are trading nearly at 52-week highs ahead of Tuesday’s open. However, Nvidia is the only stock among the group nearing all-time highs. An underreported area of strength as of late has also been the cruise space. Royal Caribbean (RCL) is the fifth-best performer in the S&P 500 this year, followed by Carnival CCL. Both stocks have added over 85% in 2023, and have been on a tear this month.

 Now to look at the less positive picture: the worst-performers. Advance Auto Parts AAP is leading the laggards, down over 54%, followed by Dish Network (DISH), which has also lost over half of its value YTD. Next are Keycorp KEY, Zions Bancorp ZION, and Comerica CMA, which are all down roughly 40% in 2023. Not shocking. 

The Nasdaq has been the most notable performer among the four major indices – gaining over 36% so far this year.

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