The US stock market experienced a remarkable year in 2024, with the S&P 500 delivering a 24% return. Key sectors driving this growth include Artificial Intelligence, Energy & Utilities, Defense & Security, and Oil & Gas.
As 2024 ends, US equities have had a stellar year, with the S&P 500 delivering a 24% return in USD terms. Diving deeper into the index, the biggest winners and losers tell a story of significant market trends and investment themes that will likely remain relevant into 2025. Top performers of 2024 Artificial Intelligence leads the charge: AI continues to dominate as one of the most significant investment themes, propelling stocks like NVIDIA and Palantir to the top.
NVIDIA: Built on its 2023 gains, fueled by unprecedented demand for AI chips. Palantir: Benefited from its enterprise AI solutions, filling unique technology niches. Broadcom: Benefited from expectations of robust AI revenue growth given its differentiated chip design capabilities for high-performance networking and computing that is making it take market share from Nvidia. Energy and utilities shine: The push for renewable energy and nuclear power has created immense value in the utility sector. Vistra: Thrived on strong cash flow and renewable energy investments. GE Vernova: Benefited from the renewed focus on nuclear energy as part of the clean energy transition. Defense and security make a comeback: Geopolitical tensions and rising defense budgets boosted stocks in the defense sector. Axon Enterprise: Leveraged higher demand for public safety technology, including TASERs and body cameras. Howmet Aerospace: Played a pivotal role in supplying critical components for military aircraft. Oil and Gas expansion: Traditional energy had a resurgence, especially in regions like the Permian Basin. Targa resources and texas pacific land: Both saw strong growth from expanding oil and gas production under the “drill baby drill” narrative. Source: Bloomberg, Saxo Worst performers of 2024 Not all sectors participated in the rally, as challenges in healthcare, retail, and semiconductors weighed on several stock
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