Benzinga - by Surbhi Jain, .
The first quarter of 2024 proved to be an eventful period for investors as the S&P 500 Index exhibited significant growth, surging by 9.94%. Among the various sectors comprising the index, two sectors stood out for their remarkable performance: energy and communication services.
The S&P 500 Index is widely tracked by the SPDR S&P 500 ETF (NYSE:SPY), the iShares Core S&P 500 ETF (NYSE:IVV) and the Vanguard S&P 500 ETF (NYSE:VOO).
Also Read: Goldman Sachs Predicts 15% Upside For S&P 500, AI Boom Could Drive Market To 6,000
Let’s delve deeper into the standout sectors and the top-performing stocks within each.
Energy Sector: A Strong Rally (+13.47%)
SPDR Energy Select Sector FundChart: Benzinga Pro
Leading the charge in the energy sector were several key stocks that significantly contributed to its impressive performance:
Marathon Petroleum Corp. (NYSE:MPC): With a remarkable surge of 37.78%, Marathon Petroleum stock has emerged as one of the top-performing stocks in the energy sector. The company, which engages in refining, marketing, and transportation of petroleum products, benefited from rising oil prices and strong demand for refined products.Valero Energy Corp (NYSE:VLO): Valero Energy stock recorded a substantial gain of 32.80% during Q1. As one of the largest independent petroleum refining and marketing companies, Valero capitalized on favorable market conditions, robust refining margins, and operational efficiencies to drive its impressive performance.Targa Resources Corp (NYSE:TRGP): Targa Resources’ stock witnessed a solid growth rate of 29.19% in Q1. The company, specializing in the gathering, processing, and storage of natural gas and natural gas liquids, benefited from increased demand for natural gas and higher commodity prices.3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
here or
remove ads
.
Communication Services: Riding High (+13.25%)
The Communication Services Select Sector SPDR FundChart: Benzinga Pro
Here are the top-performing stocks within the communication services sector:
Meta Platforms, Inc. Class A (NASDAQ:META): Formerly known as Facebook, Meta Platforms’ stock witnessed an impressive surge of 38.82% in Q1. The company’s strategic focus on the metaverse, virtual reality technologies, and digital advertising propelled its stock to new heights, despite regulatory challenges and controversies.Walt Disney Co (NYSE:DIS): Walt Disney stock experienced robust growth of 34.60% during the first quarter. The entertainment giant’s diversified portfolio of media networks, theme parks, and streaming services, coupled with successful content releases and the gradual recovery of the global tourism industry, contributed to its stellar performance.Netflix Inc (NASDAQ:NFLX): Netflix is a leading streaming service provider. Netflix stock’s performance during the past quarter was solid, recording a growth rate of 26.17% in Q1. The company continued to benefit from the secular shift towards digital streaming, the success of its original content, and its expanding international subscriber base.3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
here or
remove ads
.
Read Next: ‘Bizarrely Overvalued’: S&P 500 Could Plummet 49% If Recession Strikes, Warns Top Strategist
Image generated using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
