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There’s only one more day left in June, and one more day in the second quarter. And you could find some surprises in the stocks leading the S&P 500 this month.
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Nvidia (NVDA) Apple shares had a big rally in June, rising 13.1% during the month, but the stock has suffered somewhat under the weight of concerns that the stock has become too expensive.
In fact, if the month ended on Thursday, Nvidia’s gains would put it “only” the 13th best performing S&P 500 stock.
But don’t cry for Nvidia, its shares will still be up 150% by 2024.
The five biggest surprises, at least for now.
Here are the leading stocks in the S&P 500 for the month at Friday’s close.
Crowdstrike, up 23.5% over the month: Crowdstrike (CRWD) The security software company joined the S&P 500 on June 24. Its shares have been steadily rising this month after the security software company reported a 34% increase in revenue to $921 million and are on track to rise for the rest of the year. Its focus on artificial intelligence has fueled massive stock growth since the company’s 2019 IPO. Shares are up 52% so far this year.
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Carnival is up 23.3% over the month. Carnival shares (CCL) The stock hasn’t been a star for much of this year. But it’s jumped 16% since the cruise giant reported surprise fiscal second-quarter earnings on Tuesday. William Blair analyst Sharon Zackfia was just one of a handful of analysts who raised expectations. “Demand trends bode well for significant pricing power in 2025,” she noted. Shares are still up just 0.4% on the year.
Adobe, up 22.9% over the month. Adobe (literary) Shares rose after the creative software company beat its second-quarter earnings estimates. The stock struggled through the spring despite a strong tech rally led by Nvidia. (Shares are still down 8.4% this year.) Analysts are now more bullish on Adobe, and are comfortable with how the company expects to work with AI.
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Autodesk, up 20.9% over the month. Autodesk analysts said (Adsk) It showed “improved growth” in the quarter ended April 30. Operating cash flow is expected to “trend higher” in the coming quarters. It continues to spar with activist shareholder Starboard Value over disclosure and governance issues. Stocks are flat for the year.
Oracle, rose 19.5% during the month. Oracle shares (Oracle) Shares of Google, the database giant, have risen this year as it shifts to a greater focus on developing its healthcare business. Zacks sees cloud revenue To jump to $47 billion in fiscal 2025. A metaphor for its focus on health care: Oracle is moving its headquarters from Austin, Texas, to Nashville, near a number of health care giants. Shares are up 33% on the year.
What does the market look like as the quarter ends?
The S&P 500 index ended Thursday up 5 points to 5,483. The company’s shares rose 3.9% for the month, 4.4% for the second quarter, and about 15% for the first half of 2024.
The technology-heavy Nasdaq Composite Index closed up 54 points at 17,859. The index rose 6.7% in June, 9% in the second quarter and nearly 19% so far this year.
The Nasdaq 100, which includes many of the hottest stocks this year, rose 38 points to 19,789. It is up 6.8% so far in June, 8.4% for the quarter and 17.6% for the year.
Amazon.com (I am sad) google alphabet mother (Google) and Microsoft (MSFT) Shares of companies included in the index hit 52-week highs today.
The Dow Jones Industrial Average rose 36 points to 39,164. The venerable index rose 1.2% in June and fell 1.6% in the second quarter. It will rise 3.9% in 2024.
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