The Usual Suspects Lead Market Higher Early Thursday – Where To Find Potential Outsized Gains

The U.S. equity market is seeing some strength on Thursday morning after a sell-off on Wednesday. There are a number of large-cap technology-related names that are outperforming thus far on the session on the back of what is likely big money continuing to move into key names. Broadly speaking, technology is having a good day, with the Technology Select Sector SPDR XLK last trading up around 0.81% to $164.74. Drilling down deeper into Thursday’s market action, outsized gains may be found in the following names. 

Palantir Technologies PLTR – Palantir is one of the absolute hottest stocks in the market right now, with the name climbing almost 100% in just the last month alone. At last check, the stock had gained another 5% on the session and was sitting at $15.41, or a market cap of roughly $33 billion. The company, founded by Peter Thiel, is a big-data and artificial intelligence play. Year-to-date, PLTR is up better than 140%, and the stock is trading at a new 52-week high. 

Amazon.com AMZN – The move in Amazon early on Thursday is helping the broader market indices in a big way as the online retailer currently has a market cap of just under $1.3 trillion, so gains in this name help lift the entire U.S. economy higher. As of this writing, AMZN was up better than 3.30% to $125.33. Amazon has been performing tremendously in the near term once again, with the stock climbing more than 18% over the last month alone and better than 38% over a 6-month time frame. Wall Street is undoubtedly watching AMZN’s performance closely, and it is a great sign for the broader market in the near term. 

Tesla TSLA – As of this writing, TSLA was sitting at intra-day highs and moving aggressively higher, up around 3.50% to $232.15. Again, with a market cap sitting just under $730 billion, rallies in Tesla have knock-on effects for the broader market and the U.S. economy as a whole that are difficult to fully understand or quantify. Although the stock is well off of all-time highs, TSLA shares have more than doubled in 2023 and continue to look set up for higher prices to come. 

Nvidia NVDA – This may very well be the hottest stock in the world, and the leading artificial intelligence play is performing well on Thursday, gaining better than 2.61% and last trading at intra-day highs. Although NVDA is off of highs seen in late May above $400, traders and investors are clamoring to buy this name, and it has held up well after a tremendous rally in 2023 that has seen NVDA climb over 168%. 

Featured photo by Yiorgos Ntrahas on Unsplash.