The 2023 S&P 500 market rally continued in June as the Federal Reserve paused its interest rate hikes for the first time since March 2023. Investors are becoming increasingly confident the Fed can continue to bring down inflation and navigate a soft landing for the U.S. economy.
Top 2023 stock market performers include health care stocks with unique catalysts and stocks exposed to artificial intelligence technology. Here are the 10 best-performing stocks of 2023 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion. Returns are through June 30:
| Stock | Total Year-To-Date Return Through June 30 |
| Carvana Co. (ticker: CVNA) | 446.8% |
| MoonLake Immunotherapeutics (MLTX) | 385.7% |
| Marathon Digital Holdings Inc. (MARA) | 305.3% |
| IonQ Inc. (IONQ) | 292.2% |
| ImmunoGen Inc. (IMGN) | 280.4% |
| Opera Ltd. (OPRA) | 262.6% |
| Symbotic Inc. (SYM) | 258.5% |
| Riot Platforms Inc. (RIOT) | 248.7% |
| Opendoor Technologies Inc. (OPEN) | 246.6% |
| Oscar Health Inc. (OSCR) | 227.6% |
[Sign up for stock news with our Invested newsletter.]
10. Oscar Health Inc. (OSCR)
Oscar Health is a health insurer with 1 million members that is primarily focused on U.S. Affordable Care Act exchanges. Oscar shares rallied in February when the company reported impressive membership growth. In May, Oscar reported $1.4 billion in premiums earned in the first quarter, up 50% from a year earlier. Oscar’s Medical Loss Ratio (MLR) of 76.3% in the first quarter was up 1.08% from a year earlier. The company guided for full-year MLR of between 82% and 84% and said it’s on track for profitability in 2024. Oscar shares are up 227.6% year to date on a total-return basis, which includes dividends.
9. Opendoor Technologies Inc. (OPEN)
Opendoor Technologies operates a digital real estate platform that provides homebuying services and financing for its users. In 2022, the Federal Reserve’s aggressive interest rate hikes to combat inflation sent mortgage rates much higher, weighing on the U.S. housing market. As a result, Opendoor and other housing stocks plummeted. Fortunately, recent inflation data suggests the Fed is finally making steady progress in getting prices under control, and mortgage rates may have finally peaked. As a result, homebuilders and other housing stocks have bounced back in 2023. Opendoor is no exception, gaining 246.6% this year.
8. Riot Platforms Inc. (RIOT)
Riot Platforms is a Bitcoin mining company. Cryptocurrency-related stocks tanked during 2022’s “crypto winter.” Rising interest rates triggered a broad market rotation out of cryptocurrency in 2022, sending Bitcoin prices tumbling and making mining far less profitable. So far in 2023, Bitcoin prices are up 84.2%. Riot reported a record 2,115 Bitcoins produced in the first quarter and now holds more than 7,100 BTC on its balance sheet. Riot has a deployed fleet of 94,176 Bitcoin miners with a hash rate capacity of 10.5 exahash per second. The stock is up 248.7% in 2023.
7. Symbotic Inc. (SYM)
Symbotic specializes in supply chain automation and optimization using AI technology. The company’s customers include Walmart Inc. (WMT), Albertsons Cos. Inc. (ACI) and C&S Wholesale Grocers. Symbotic reported impressive 177% revenue growth in the fiscal second quarter. The company also said it completed installations of its current system at multiple customer sites in the quarter and has increased its total deployments by threefold compared to last year. The AI trend is red hot on Wall Street, and Symbotic has been one of the biggest beneficiaries of AI investor enthusiasm in 2023. The stock is up 258.5% year to date.
[READ: 6 of the Best AI ETFs to Buy for 2023]
6. Opera Ltd. (OPRA)
Opera has also benefited from investor enthusiasm for AI technology. The company specializes in AI-driven digital search and online recommendations. In the first quarter, Opera reported 22% revenue growth, its ninth consecutive quarter of at least 20% revenue growth. The company also launched its first generative AI features directly in its web browser and raised its full-year earnings expectations. Advertising revenue was up 26% from a year ago, driven by Opera Ads. Opera’s search revenue was up 18% from a year earlier, and it reported 319 million monthly active users. Opera shares are up 262.6% year to date.
5. ImmunoGen Inc. (IMGN)
ImmunoGen is a biotech company that targets cancer by using antibody-drug conjugates, which are select cancer-killing toxins attached to specific antibodies using a biodegradable linker. The stock rallied in May when ImmunoGen reported positive late-stage clinical trial data for Elahere (mirvetuximab soravtansine-gynx) in treating folate receptor alpha (FR?)-positive platinum-resistant ovarian cancer in patients who have received prior chemotherapy. In its first full quarter of sales in the first quarter of 2023, Elahere generated $29.5 million in revenue. Investors are hoping more positive data and an expanded label for Elahere could propel the stock even higher. IMGN shares are up 280.4% year to date.
4. IonQ Inc. (IONQ)
IonQ is developing and producing quantum computing technology. Quantum computers utilize the power of quantum mechanics to solve problems and perform operations that are too complex for classical computers. Zion Market Research estimates the global quantum computing market will grow 31% annually and reach $5.27 billion by 2030, so it’s understandable why investors would be excited about IonQ. The company reported 119% revenue growth in the first quarter and said it reached its fiscal 2023 technical performance target of 29 algorithmic qubits much sooner than expected. The positive headlines have sent IonQ shares up 292.2% year to date.
3. Marathon Digital Holdings Inc. (MARA)
Marathon Digital is one of the largest Bitcoin miners in North America. Marathon shares have gotten a big 2023 boost from the rebound in the crypto market. In May, Marathon reported a net loss of $7.2 million in the first quarter but said Bitcoin production was up 74% year over year. It also said its cash position increased by $12 million, it reduced its debt by $50 million and it increased its Bitcoin holdings by 3,132 BTC. Bitcoin mining has been far more profitable in 2023 than in 2022, and Marathon’s stock price is up 305.3% year to date.
2. MoonLake Immunotherapeutics (MLTX)
MoonLake Immunotherapeutics is a clinical-stage biotechnology company investigating novel nanobody sonelokimab in treating inflammatory disease. MoonLake shares gained nearly 80% in just four days in late June after the company reported positive mid-stage results from trials testing sonelokimab in treating patients with moderate to severe hidradenitis suppurativa (HS). Just days later, MoonLake announced it has successfully raised an additional $400 million via a public offering that will help fund the continued testing of sonelokimab. Wall Street has high hopes for the drug and the stock, and MoonLake’s shares gained 385.7% in the first half of 2023.
1. Carvana Co. (CVNA)
Carvana is an online used-car sales platform that allows buyers to have cars delivered directly to their homes. Two years after Reddit stock traders sent shares of struggling meme stocks GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) skyrocketing, social media traders have once again rallied behind Carvana in 2023, triggering a short squeeze in the stock despite its poor business performance. Carvana reported a 25% drop in revenue in the first quarter but recently guided for adjusted earnings before interest, taxes and depreciation of more than $50 million in the second quarter. Carvana’s 446.8% year-to-date gain has certainly been impressive.
More from U.S. News
5 of the Best Stocks to Buy Now
7 of the Best Long-Term Stocks to Buy and Hold
10 of the Best Stocks to Buy for 2023
2023’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 07/03/23: This story was previously published at an earlier date and has been updated with new information.
