From Nasdaq: 2024-11-12 14:00:00

Wall Street is on track to repeat its impressive 2023 rally, with major indexes up significantly year to date. Despite overall market growth, some stocks have underperformed, making it crucial to choose high-momentum stocks with a favorable Zacks Rank for short-term investment. Five top picks include AMZN, KLAC, NEM, UBER, and SPGI, each showing double-digit upside potential.

Investors are advised to focus on momentum investing, ensuring they pick stocks with strong growth potential. The U.S. economy’s solid fundamentals, strong corporate earnings, and Federal Reserve’s rate cuts are driving the market’s upward trajectory. Market volatility may occur due to uncertain economic policies, but overall, Wall Street is expected to continue its positive trend.

Among the recommended stocks, Amazon.com Inc. (AMZN) has shown robust performance driven by Prime and AWS momentum, with a strong price upside potential. KLA Corp. (KLAC) benefits from wafer inspection demand, while Newmont Corp. (NEM) capitalizes on gold price highs and growth projects. Uber Technologies Inc. (UBER) and S&P Global Inc. (SPGI) also demonstrate strong price upside potential and growth prospects.

These momentum stocks offer significant short-term upside potential, supported by strong earnings estimates and favorable market conditions. Investors looking for high-growth opportunities in 2024 can consider these stocks, which are expected to outperform the market and deliver substantial returns.



Read more at Nasdaq: 5 U.S. Corporate Behemoths to Buy as Short-Term Momentum Plays