The S&P 500’s 2024 rally continued in November as investors anticipate a favorable 2025 environment under the incoming Donald Trump administration. Investors are also hoping the Federal Reserve has secured a “soft landing” for the economy. The S&P 500 is up by about 26% this year through Nov. 29, and top 2024 stock market performers include several health care stocks with unique catalysts, as well as a buy now, pay later financial technology company.
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:
MicroStrategy Inc. (MSTR)
MicroStrategy’s core product is a business intelligence software platform, but cryptocurrency enthusiasts know the company because MicroStrategy is also the largest corporate investor in Bitcoin (BTC). As of November, the company held 402,100 BTC on its balance sheet, a stake worth about $39 billion at today’s Bitcoin prices. With the price of Bitcoin up 129% this year, it’s easy to see why MicroStrategy shares have soared. MicroStrategy’s software business hasn’t performed particularly well, so investors should expect the stock to continue to trade in sympathy with Bitcoin moving forward. MicroStrategy shares are up 513% in 2024.
Intuitive Machines Inc. (LUNR)
Intuitive Machines is a space exploration, infrastructure and services company that went public via a special-purpose acquisition company merger in February 2023. The stock took off in November as investors reacted positively to Intuitive’s third quarter earnings report, including 359% year-over-year revenue growth and a record $316.2 million backlog. The impressive numbers come after NASA awarded Intuitive Machines a huge 10-year contract worth up to $4.82 billion in September. Intuitive will be providing communication and navigation services to NASA missions in the near-space region. After a big month, Intuitive shares are up 538% this year.
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 in September when the company reported positive lung cancer trial data suggesting ivonescimab could potentially challenge leading Merck & Co. Inc. (MRK) cancer drug Keytruda. In the third quarter, Merck reported $7.4 billion in Keytruda sales, up 17% from a year ago. Positive ivonescimab news has sent Summit shares soaring 607% this year.
AppLovin Corp. (APP)
AppLovin provides software to app developers used for app discovery and monetization. Not only is AppLovin one of the best-performing stocks of 2024, it was also one of the best-performing stocks of 2023. The company has reported impressive profit and revenue growth, and investors are understandably bullish on AppLovin’s AI-powered ad-tech platform Axon-2. AppLovin has sizable opportunities in high-growth markets such as gaming and e-commerce, and it hopes to maintain annual revenue growth above 20% for the long term. AppLovin’s stock price is up 745% in 2024 and more than 3,000% since the beginning of 2023.
NuScale Power Corp. (SMR)
NuScale designs and markets small modular reactors (SMRs) used to generate nuclear energy. One of NuScale’s biggest catalysts of 2024 has been an announcement by the Department of Energy that it will be investing $900 million in funding from President Joe Biden’s Bipartisan Infrastructure Law to support the initial U.S. deployments of generation III+ SMR technologies. Nuclear energy stocks have gained further momentum on headlines that big tech companies Microsoft Corp. (MSFT), Amazon.com Inc. (AMZN) and Alphabet Inc. (GOOG, GOOGL) are all investing heavily in nuclear energy projects to power their massive data centers. NuScale shares are up 801% this year.
Root Inc. (ROOT)
Root is an insurance technology platform that uses data science to provide personalized insurance products. The company operates in 34 U.S. states, and its app has collected more than 29 billion miles of driving data to incorporate into its auto insurance offerings. Root’s 2024 rally began in February when the company reported record revenue and a substantial reduction in net losses. The stock gained 69% on Oct. 31 after Root reported impressive third-quarter numbers as well, including its first-ever quarterly profit. The stock is up 852% year to date.
Longboard Pharmaceuticals Inc. (LBPH)
Longboard Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing therapies for neurological diseases. The company’s bexicaserin (LP352) drug candidate is being tested for the potential treatment of seizures associated with developmental and epileptic encephalopathies (DEEs), such as Dravet syndrome, Lennox-Gastaut syndrome (LGS), tuberous sclerosis complex (TSC), CDKL5 deficiency disorder (CDD) and other epileptic disorders. Longboard was already one of the best-performing stocks of 2024 even before pharmaceutical firm Lundbeck announced a $2.6 billion buyout of Longboard in October. Following the $60-per-share buyout deal news, Longboard shares are now up 894%.
Dave Inc. (DAVE)
Dave is a digital banking service that is designed to help users avoid many of the most frustrating and costly elements of traditional banking. Dave offers a budgeting tool to manage bills and avoid overspending, as well as its ExtraCash product to provide cash advances and help users avoid overdraft fees. It also helps gig workers with its sharing economy job board, Side Hustle. Billionaire entrepreneur Mark Cuban was an early investor in the company, and Cuban has made a killing on his stake in 2024. Strong growth numbers have driven Dave shares higher by 1,076% this year.
Sezzle Inc. (SEZL)
Sezzle is a financial technology company that specializes in buy now, pay later (BNPL) transactions. BNPL loans are short-term installment loans that allow consumers to pay for purchases over time with no interest. Sezzle has 307,000 active subscribers, and 2.6 million active consumers have transacted with the platform in the past 12 months. Sezzle has reported impressive financial growth metrics, which have been reflected in the stock’s 2024 gains. In the most recent quarter, Sezzle reported 40.6% underlying merchant sales growth and $15.4 million in net income. The stock is up 1,966% this year.
GeneDx Holdings Corp. (WGS)
GeneDx has industry-leading exome and genome tests that help analyze complex genomic data and improve health system efficiencies, accelerate drug discovery and translate genetic data into diagnoses. The stock jumped in April when GeneDx reported 77% year-over-year growth in exome and genome test revenue and raised its full-year sales growth guidance. Another earnings beat and guidance hike in late October sent the stock to new highs. After years of abysmal performance culminating in a 1-for-33 reverse stock split in May 2023, investors seem to finally be on board with GeneDx. The stock is up 2,750% this year.