The S&P 500’s 2024 rally resumed in May as strong first-quarter earnings numbers overshadowed fears over slowing economic growth and potential stagflation. After a strong 2023 performance, the S&P 500 is up more than 10% year to date, and investors are hoping the inflation outlook will improve further in coming months.
[Sign up for stock news with our Invested newsletter.]
Top 2024 stock market performers include health care stocks with unique catalysts, artificial intelligence stocks and a stock tied to former President Donald Trump. Here are the 10 best-performing stocks of 2024 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion:
| Stock | 2024 Return Through May 31 |
| Vital Farms Inc. (ticker: VITL) | 163.8% |
| Sweetgreen Inc. (SG) | 172.1% |
| Super Micro Computer Inc. (SMCI) | 175.9% |
| Trump Media & Technology Group Corp. (DJT) | 180.5% |
| Avidity Biosciences Inc. (RNA) | 196.8% |
| Novavax Inc. (NVAX) | 213.1% |
| Summit Therapeutics Inc. (SMMT) | 232.9% |
| Viking Therapeutics Inc. (VKTX) | 234.6% |
| Janux Therapeutics Inc. (JANX) | 398.6% |
| Logistic Properties of the Americas (LPA) | 712.5% |
10. Vital Farms Inc. (VITL)
Vital Farms packages, markets and distributes pasture-raised eggs, butter and other products. Its leading brands include Vital Farms, Lucky Ladies, Alfresco Farms and RedHill Farms. Vital Farms shares popped in May when the company reported 24.1% revenue growth in the first quarter and said its gross margin expanded 4 percentage points in the quarter. The record revenue and improved financial visibility allowed the company to raise its fiscal 2024 guidance as well. Vital Farms raised its fiscal 2024 revenue guidance from $552 million to $575 million, representing at least 22% annual revenue growth. The stock is up 163.8% year to date.
9. Sweetgreen Inc. (SG)
Sweetgreen owns and operates a chain of sustainably sourced and minimally processed salad restaurants. Sweetgreen made its public market debut in November 2021, pricing its initial public offering at $28 per share. The stock jumped 40% in May when Sweetgreen reported 5% same-store sales growth and $158 million in first-quarter revenue, exceeding the company’s guidance of $154 million in revenue. Sweetgreen also raised its full-year revenue guidance by less than 1%. Sweetgreen certainly had a solid quarter, but the stock’s extreme gains may largely be the result of a short-term short squeeze. Sweetgreen shares are up 172.1% in 2024.
8. Super Micro Computer Inc. (SMCI)
Super Micro Computer is a tech company that produces a wide range of computer hardware products, including servers, networking equipment, motherboards and chassis. As the broad tech sector recovered in 2023, investor enthusiasm for stocks exposed to cloud computing, AI, blockchain technology and autonomous vehicles spiked. Super Micro Computer shares surged last year, and that momentum has carried over into 2024. Given the company’s exposure to several high-growth technology fields, it’s understandable why investors are buying the stock. Super Micro Computer shares are up more than 908% since the beginning of 2023 and are up 175.9% in 2024.
7. Trump Media & Technology Group Corp. (DJT)
Trump Media & Technology Group completed a long-anticipated merger with special-purpose acquisition company (SPAC) Digital World Acquisition in March, taking Donald Trump’s social media company public for the first time. Investors seemingly see Trump’s status as the presumptive 2024 Republican Party nominee for president as good news for Trump’s businesses. The election year likely means plenty of social media engagement. Even Trump’s recent conviction on 34 felony charges has done little to slow down Trump Media’s 2024 momentum. The stock surged after the SPAC merger and is up 180.5% this year on Trump’s political prospects.
6. Avidity Biosciences Inc. (RNA)
Avidity Biosciences uses its proprietary platform to design RNA therapeutics that combine the tissue selectivity of monoclonal antibodies with the precision of oligonucleotide-based therapies to more effectively target underlying genetic drivers of diseases. The company has three programs in clinical development: AOC-1001 for treating myotonic dystrophy type 1 (DM1), AOC-1044 for treating Duchenne muscular dystrophy (DMD) and AOC-1020 for treating facioscapulohumeral muscular dystrophy (FSHD). The stock’s 2024 momentum stems from positive long-term data on AOC-1001, which received an Food and Drug Administration breakthrough therapy designation in early May. Avidity shares are up 196.8% year to date.
[READ 5 of the Best Stocks to Buy Now]
5. Novavax Inc. (NVAX)
Novavax is an early commercial-stage biopharmaceutical company specializing in vaccines for infectious diseases. The company’s leading products include its vaccines for COVID-19 (Nuvaxovid), seasonal flu (NanoFlu), respiratory syncytial virus (ResVax) and malaria (R21). Novavax shares jumped 50% in May when the company announced a new multibillion deal with French drugmaker Sanofi (SNY). The deal specifies Novavax will receive a $500 million upfront payment and up to $700 million in additional payments based on development milestones. The deal allowed Novavax to remove its “going concern” warning for investors and has sent the stock higher by 213.1% in 2024.
4. Summit Therapeutics Inc. (SMMT)
Summit Therapeutics is a biopharmaceutical company that is developing treatments for infectious diseases. Its huge 2024 gains are related to SMT112, also known as Ivonescimab. Ivonescimab is a potential cancer treatment in late-stage clinical trials for treating metastatic non-small cell lung cancer. Summit shares ripped higher on May 30 when the company reported the drug had achieved efficacy levels that are significantly better than leading Merck & Co. (MRK) cancer drug Keytruda. In the first quarter, Merck reported $6.9 billion in Keytruda sales, up 20% from a year ago. The news has sent Summit shares soaring 232.9% year to date.
3. Viking Therapeutics Inc. (VKTX)
Viking Therapeutics is a clinical-stage biotechnology company developing therapies for metabolic and endocrine disorders. The company’s lead drug is VK2735 for obesity, which it is testing in both a daily oral pill form and a weekly injection form. The stock ripped higher in late February when Viking reported positive results in its mid-phase testing of VK2735, which has been well-tolerated and has achieved up to 13.1% placebo-adjusted mean weight loss in patients after 13 weeks of treatment. Investors are hoping VK2735 could be the next billion-dollar weight loss drug. The stock is up 234.6% year-to-date.
2. Janux Therapeutics Inc. (JANX)
Janux Therapeutics is a clinical-stage biotechnology company developing immunotherapies that generate tumor-specific immune responses that attack and kill tumors without damaging healthy tissue. The stock ripped higher on Feb. 27 after Janux reported encouraging safety and efficacy data from its ongoing trials of JANX007 in treating metastatic castration-resistant prostate cancer and JANX008 in treating late-stage solid tumors. The company claims JANX007 has a potential best-in-class efficacy and safety profile. The company has also been the subject of buyout rumors, and an acquisition could send shares soaring even higher at any time. Janux shares are now up 398.6% year to date.
1. Logistic Properties of the Americas (LPA)
Logistic Properties of the Americas owns and operates institutional-quality, class A industrial and logistics real estate in Central and South America. The company is one of the few companies bringing class A warehouses to the Latin American region. In August 2023, LatAm Logistics Properties announced it would be going public via a SPAC merger with TWOA in which TWOA and LatAm Logistics Properties would merge as subsidiaries of the newly formed, publicly traded Logistic Properties of the Americas. LPA shares began trading on May 30, and the SPAC has already skyrocketed 712.5% year to date.
More from U.S. News
Do Dave Ramsey’s Stock Market Claims Make Sense?
9 Best Growth Stocks to Buy for 2024
9 Best Cheap Stocks to Buy Under $10
2024’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 06/03/24: This story was previously published at an earlier date and has been updated with new information.
