The 2023 S&P 500 market rally continued in July as inflation, as measured by a gauge preferred by the Federal Reserve, fell to its lowest level in nearly two years. Investors are becoming increasingly confident that the Fed can continue to bring down inflation and navigate a soft landing for the economy.
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Top 2023 stock market performers include health care stocks with unique catalysts and companies 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. Total returns, which include dividends, are through July 31:
| Stock | Total YTD return |
| Carvana Co. (ticker: CVNA) | 869.4% |
| MoonLake Immunotherapeutics (MLTX) | 479.1% |
| IonQ Inc. (IONQ) | 458% |
| Riot Platforms Inc. (RIOT) | 446.3% |
| Symbotic Inc. (SYM) | 432.2% |
| Upstart Holdings Inc. (UPST) | 419.6% |
| Marathon Digital Holdings Inc. (MARA) | 407.9% |
| BridgeBio Pharma Inc. (BBIO) | 359.4% |
| Opendoor Technologies Inc. (OPEN) | 340.5% |
| Reata Pharmaceuticals Inc. (RETA) | 335.9% |
10. Reata Pharmaceuticals Inc. (RETA)
Reata Pharmaceuticals is a biotechnology company that specializes in rare disease treatments. Reata shares surged in early March when the U.S. Food and Drug Administration approved the company’s Friedreich’s ataxia treatment candidate, Skyclarys (omaveloxolone), for patients 16 and older. Skyclarys is now the first and only FDA-approved drug to treat Friedreich’s ataxia, which affects roughly 5,000 people in the U.S. On July 28, Biogen Inc. (BIIB) announced a planned $7.3 billion buyout of Reata priced at a 59% premium to the stock’s previous-day closing price. Reata shares are up 335.9% this year.
9. Opendoor Technologies Inc. (OPEN)
Opendoor Technologies operates a digital real estate platform that provides home buying services and financing for its users. In 2022, the Fed’s aggressive interest rate hikes to combat inflation sent mortgage rates much higher, weighing on the U.S. housing market. Opendoor and other housing stocks then plummeted. Fortunately, recent economic data suggests the Fed is finally making steady progress on inflation, and long-term investors are buying the Opendoor dip. The company’s AI and machine learning technology have also made it an attractive option for AI stock buyers. Opendoor shares are up 340.5% this year.
8. BridgeBio Pharma Inc. (BBIO)
BridgeBio Pharma is a biopharmaceutical company focused on treating genetic diseases and cancers that have a single genetic driver. The stock surged more than 60% in early March when BridgeBio released positive results from its phase 2 clinical trials of infigratinib, a treatment for children with achondroplasia. The stock got another big boost in July when BridgeBio reported positive phase 3 data for its clinical trials of acoramidis for treating transthyretin amyloid cardiomyopathy. BridgeBio’s $5.5 billion market cap makes it a potentially attractive buyout candidate as well. BBIO shares are now higher by 359.4% so far in 2023.
7. Marathon Digital Holdings Inc. (MARA)
Marathon Digital is one of the largest Bitcoin (BTC) miners in North America. Marathon shares have gotten a big boost from the rebound in the crypto market this year. 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 407.9%.
6. Upstart Holdings Inc. (UPST)
Upstart is an online lending marketplace that specializes in personal loans. Upstart went public at an initial public offering price of $20 per share in December 2020, and the stock has been extremely volatile ever since. Upstart shares soared as high as $401 in late 2021 before trading back down to about $12 in late 2022. The company reported a 67% year-over-year drop in revenue and a $132 million net loss in the first quarter of 2023. Still, investors have piled into the heavily shorted company and triggered a short squeeze in 2023. UPST stock is up 419.6%.
[10 of the Best Stocks to Buy for 2023]
5. 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 LLC. Symbotic reported impressive 77% revenue growth in the fiscal third quarter. The company also said it generated record operating margins in the quarter. Its GreenBox joint venture also doubles its addressable market and increases its order backlog to $23 billion. The AI trend is red hot on Wall Street, and Symbotic has been one of the biggest beneficiaries of AI investor enthusiasm in 2023, bringing the stock up by 432.2% year to date.
4. 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 75%. Riot reported a record 2,115 BTC 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 446.3% in 2023.
3. IonQ Inc. (IONQ)
IonQ is developing and producing quantum computing technology. Quantum computers use the power of quantum mechanics to solve problems and perform operations that are too complex for classical computers. Zion Market Research estimates that 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 115% year-over-year 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 458% year-to-date.
2. MoonLake Immunotherapeutics (MLTX)
MoonLake Immunotherapeutics is a clinical-stage biotechnology company investigating novel nanobody sonelokimab to treat inflammatory disease. MoonLake shares gained about 100% in just four days in late June after the company reported positive mid-stage results from trials testing sonelokimab for patients with moderate to severe hidradenitis suppurativa. In July, Reuters reported that MoonLake is working with an investment bank and exploring a potential sale to interested drugmakers. Wall Street has high hopes for the drug and the stock, and MookLake’s shares are up 479.1% so far in 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 24% drop in revenue, a 35% drop in retail units sold and a net loss of $105 million in the second quarter. Regardless of its underwhelming fundamentals, Carvana’s 869.4% year-to-date gain has certainly been impressive.
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2023’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 08/01/23: This story was previously published at an earlier date and has been updated with new information.
