Watch out Magnificent Seven. There's a new set of eight S&P 500 stocks taking off in the ongoing eight-day rally.
Eight S&P 500 stocks, including consumer discretionary Expedia Group, industrial Generac Holdings and tech play Gartner, rallied 20% or more in the market's eight-trading-day winning streak kicked off on Oct. 27, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith. This solid 6.3% rally pushed the S&P 500 itself back up an impressive 14% for the year.
Almost as soon as the calendar flipped into November, investors turned more hopeful for next year. "Despite rising interest rates, a recession in the U.S. for 2024 seems unlikely," said Jennifer Appel, senior investment director at financial advisory NEPC.
Powerful Eight-Day Rally
Investors needed a lift from the S&P 500 after sinking three-straight months. And they got it in the past eight trading days.
All but one of the 11 S&P 500 sectors are up from Oct. 27. And several by quite a bit. The Technology Select Sector SPDR Fund is up 9.1%. That's the top performance among all the sectors. The Energy Select Sector SPDR Fund is the only sector to fall in the past eight days. And it's off just 2.2%.
And digging deeper shows individual S&P 500 stocks thriving even more.
Travel, Generators And Tech
Talk about a powerful eight-day rally. Shares of online travel agent Expedia are up more than 26% since Oct. 27. That rally accounts for a big chunk of the stock's year-to-date gain of 34.8%. The stock got a huge lift on Nov. 2 when the company reported making $5.41 a share in the third quarter. That was more than 8% better than analysts expected.
Over at generator maker Generac, shares are up more than 26% in just eight days. That's enough to pull it into the black for the year with a 3.1% gain. Again, better-than-expected earnings helped out. The company reported a third-quarter profit of $1.64 a share on Nov. 1. That beat expectations by 8.6%.
And don't forget about tech, the top sector during the rally. But this tech winner isn't in the Magnificent Seven. Instead tech consulting firm Gartner is up 22.1% in the past eight days. Once again, better-than-expected earnings provided the boost. The company on Nov. 3 reported making $2.56 a share in the third quarter. That's more than 30% higher than analysts expected.
Who knows if the eight-day rally will continue? But for now, S&P 500 investors are just happy to see some green.
Top S&P 500 Stocks In Past Eight-Day Rally
| Company | Ticker | 8-day rally | Sector |
|---|---|---|---|
| Expedia Group | 26.8% | Consumer Discretionary | |
| Generac Holdings | 26.3 | Industrials | |
| Gartner | 22.1 | Information Technology | |
| Warner Bros. Discovery | 21.6 | Communication Services | |
| Monolithic Power Systems | 21.3 | Information Technology | |
| Insulet | 21.3 | Health Care | |
| Arista Networks | 20.7 | Information Technology | |
| Paramount Global | 20.0 | Communication Services |
