Klaus Vedfelt
Wells Fargo's The Harvey Report highlighted 35 S&P 500 (SP500) stocks that entered the top momentum quintile at the beginning of the year.
The Wells Fargo Equity Research team's forecast is that the S&P 500 (SP500) will reach 5,500, with some volatility that may not be dead.
“Momentum has recovered, but there is still room for outperformance,” wrote analyst Christopher P. Harvey. “A less dovish Federal Reserve helps maintain the status quo, which is a big positive for style.”
So far this year, energy (XLE) and financials (XLF) have seen net additions to the “high momentum” basket, while exposure to consumer discretionary (XLY) has faded, he said.
These are the S&P 500 (SP500) stocks that entered the top momentum quintile in early 2024:
- Deckers Outdoor Corp. (DECK) – Year-to-date True Range: 62.6%
- Domino's Pizza Inc. (DPZ) – Year-to-date real range: 27.3%
- General Motors Co. (GM) – Year-to-date real range: 27.7%
- Diamondback Energy Inc. (FANG) – Year-to-date real range: 26.3%
- Marathon Petroleum Corp. (MPC) – Year-to-date real range: 18.9%
- Phillips 66 (PSX) – Year-to-date real range: 5.9%
- Targa Resources Corp. (TRGP) – Year-to-date real range: 35.8%
- Valero Energy Corp. (VLO) – Year-to-date real range: 20.2%
- American International Group Inc. (AIG) – Year-to-date real range: 16.2%
- The Allstate Corp. (ALL) – Year-to-date real range: 18.6%
- American Express Co. (AXP) – Year-to-date real range: 27.3%
- Fifth Third Bancorp (FITB) – Year-to-date real range: 7.9%
- The Hartford Financial Services Group Inc. (HIG) – Year-to-date real range: 27.6%
- JPMorgan Chase & Co. (JPM) – Year-to-date real range: 20.1%
- The Progressive Corporation (PGR) – Real range so far this year: 32.2%
- The Charles Schwab Corp. (SCHW) – Year-to-date real range: 6%
- Synchrony Financial (SYF) – Year-to-date real range: 15.4%
- Wells Fargo & Co. (WFC) – Year-to-date real range: 22.1%
- Boston Scientific Corp. (BSX) – Year-to-date real range: 30.6%
- The Cigna Group (CI): Year-to-date range: 14.5%
- Cencora Inc. (COR) – Year-to-date real range: 12.7%
- McKesson Corp. (MCK) – Year-to-date real range: 24.1%
- Caterpillar Inc. (CAT) – Year-to-date real range: 13%
- Cintas Corp. (CTAS) – Year-to-date real range: 12.4%
- Delta Air Lines Inc. (DAL) – Year-to-date real range: 26.8%
- Huntington Ingalls Industries Inc. (HII) – Year-to-date real range: -2.6%
- Leidos Holdings Inc (LDOS) – Year-to-date real range: 34.8%
- Westinghouse Air Brake Technologies Corp. (WAB) – Year-to-date Actual Range: 30.9%
- Amfenol Corp. (APH) – Year-to-date real range: 33.2%
- CDW Corp. (CDW) – Year-to-date real range: -1.2%
- Gartner Inc. (IT) – Year-to-date actual range: -6%
- Qualcomm Inc. (QCOM) – Year-to-date real range: 43.7%
- Super Micro Computer Inc. (SMCI) – Year-to-date real range: 171.1%
- Vulcan Materials Co. (VMC) – Year-to-date Actual Range: 11.5%
- WestRock Co. (WRK) – Year-to-date real range: 33.6%
