These stocks are climbing to record highs in 2024 amid rally
Markets may have calmed this week after seeing consecutive gains, but that hasn't stopped stocks from reaching all-time highs in 2024 so far. Yahoo Finance Markets Reporter Jared Blikre breaks down the amount of record-highs while option trading volumes surge.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
[AUDIO LOGO]
JULIE HYMAN: Stocks are down across the board today. But there are a handful of names that hit fresh all time highs. Jared Blikre is here with a closer look at those names. Hey, Jared.
JARED BLIKRE: Hey, Julie. I was taking a look at the record highs that have been issued or notched so far this year. So not everything on this list here behind me has notched a record high necessarily today or yesterday. In fact, these are record closing highs.
But I went and tallied number one, who's got the most? That's Nvidia, that's not a big surprise, up with 23. A smaller company, Boston Scientific, down here on the map. That's up 15.7% for the year, that has 22. And the list goes down from there.
But what is really surprising is the distribution of new highs across industries. And let me just get our graphic that I've been preparing. Industrials have almost half of their issues hitting record highs this year, 48%. And that includes names like Packer, like Caterpillar, like TransDigm. Not necessarily the sexy chip names that have been at record highs and really getting a lot of attention that way, but then you go information technology. So tech is number two with 34%.
But then it trails off from there, consumer discretionary, that's retail, then financials, health care. Each of those two has over 25% or 1/4 of those stocks at record highs. So the point of all of this, with all the attention that we give Nvidia and Supermicro and some of the others, there's a lot underneath the surface that's happening that suggests this rally has legs beyond the Magnificent Seven.
And let me just show you the year-to-date sector leaders so far. We got communications services that houses Alphabet and Meta. That's up 8.2%. Then financials, then health care, and only then tech. So tech is number four on this list. And once again, just demonstrating that a lot of under the radar stuff that's happening in the market probably fuel for the next leg of the bull market, which by all accounts we're experiencing right now.
