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Gainers and Losers of 2023

2023 has been an eventful year. Here are the Top 5 Gainers and Losers – based on stock price year-to-date - on the S&P500. All data is sourced from Bloomberg for the date range 1 January 2023 to 8th December 2023 and is correct as of December 8th 2023. 

S&P500 – Gainers

Stock Name

Stock Code

Gain

Nvidia Corp

NVDA

219%

Meta Platforms Inc

META

171%

Royal Caribbean Cruises Ltd

RCL

142%

Carnival Corp

CCL

122%

Palo Alto Networks Inc

PANW

110%

The top-performing stocks on the S&P500 for 2023 were found in two main sectors. The first is technology, which has been fuelled by the AI boom and, in the latter half of the year, growing expectations that US interest rates have peaked. The second is the post-pandemic resurgence of cruise companies. Both Royal Caribbean and Carnival posted profits in 2023 following three years of pandemic-related losses.

Nvidia’s revenues soared during the year and its management expects that momentum to accelerate. Whilst the company’s valuation is extremely high the stock remains well-loved and could easily create new all-time highs in 2024 if net-income growth comes in as management predict.

Whilst Meta recovered from the deep sell-off in 2022 the market will consider the Reality Labs business and whether that continues to make a loss or if Zuckerburg can bring his dream to reality.

S&P500 – Losers

Stock Name

Stock Code

Loss

Solaredge Technology Inc

SEDG

72%

Enphase Energy Inc

ENPH

60%

FMC Corp

FMC

56%

Moderna Inc

MRNA

55%

Dollar General Corp

AWC

46%

Some of the worst-performing stocks on the S&P500 were in the solar sector after results missed estimates due to weaker demand. Solaredge struggled with the impact of interest rates on demand for their products and a subsequent inventory build-up. Enphase will be dropped from the Nasdaq 100 which has also fuelled a sell-off.

Like the lithium market in Australia (as lithium is a key element within batteries for electric vehicles), the question remains whether the adoption of renewable or green energy has been overestimated sending valuations too high. Whilst the long-term thematic is still intact, investors may have to be patient and look at a longer investment horizon.

Another interesting poor performer is Moderna. The company looks to have struggled post-pandemic and expectations are for 2024 to be an even tougher year with sales estimated to reduce by a third of 2023 levels. 


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