US stocks bottomed in the last part of 2022 and staged a remarkable comeback despite the Federal Reserve’s ongoing tightening. During the first quarter of 2023, the S&P 500 index gained 7.5%, but some companies truly outperformed.
So here are the top three S&P 500 biggest gainers in the first quarter of the year:
Nvidia (NASDAQ:NVDA) is a world leader in the semiconductors industry, founded in 1993 and headquartered in Santa Clara, California. The stock price declined in 2022, together with the US tech sector, but bounced strongly after bottoming late last year.
In the first quarter of 2023, Nvidia’s stock price delivered a 90.1% return, topping the list of the biggest gainers in the S&P 500 index. If we add to it the fact that the company is paying a dividend then the return is even more impressive.
Meta Platforms (NASDAQ:META) is Facebook’s parent company. The stock price gained 76.1% during the year’s first three months, recovering almost half of 2022 losses.
In November last year, Meta’s stock price dropped to an eight-year low, but investors picked it up on the back of better Q4 2022 results. Also, share buybacks did help. Meta does not pay a dividend.
Tesla (NASDAQ:TSLA) is in a close third place with a 68.4% 3-month return. The electric vehicle producer saw its stock surging from the lows and the bullish momentum continues.
Tesla operated with a gross profit margin of 25.6% in the last twelve months, some 35% higher than the sector median.
Overall, the technology sector delivered the best performance in the first quarter, gaining 21.65%, followed by consumer services and consumer discretionary, with 21.27%, respectively 16.6%.
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