As we step into August 2024, the US stock market offers a wealth of opportunities for investors. With the economy showing signs of robust growth and various sectors on the cusp of expansion, selecting the right stocks can yield significant returns. This article will explore the Top 10 High-Potential USA Stocks poised to skyrocket in August 2024, analyzing their fundamentals, market trends, and growth potential.
Market Update
The S&P 500 E-Mini Futures have seen a year-to-date increase of 10.56%. The index experienced a bullish trend until mid-July, followed by a slight sell-off. Currently, the market is witnessing a short-term stalemate between buyers and sellers around the $5,470 mark. This article also provides insights into the best times to buy US stocks and the strategy behind earnings trades.
Top 10 Stocks to Watch in August 2024
1. Amazon (AMZN)
Amazon operates as a global e-commerce retailer and provides cloud computing services. AMZN has shown a significant year-to-date increase of 20.07%.
Key Data:
- Implied Volatility Rank (IVR): 73.1
- Current Price: $3,470
- Market Cap: $1.76 trillion
Investment Strategy: AMZN is a pricier stock, making it suitable for medium to large accounts. Consider undefined risk positions or directional spreads based on your risk preference.
2. Apple (AAPL)
Apple designs, manufactures, and markets consumer electronics, computer software, and online services. AAPL is up 16.55% year-to-date.
Key Data:
- IVR: 78.5
- Current Price: $175
- Market Cap: $2.75 trillion
Investment Strategy: Smaller accounts should define their risk, while medium to large accounts could consider undefined risk positions or directional spreads.
3. Coinbase (COIN)
Coinbase provides financial infrastructure and technology for the crypto-economy. COIN is up 40.44% year-to-date.
Key Data:
- IVR: 53
- Current Price: $85
- Market Cap: $18 billion
Investment Strategy: Larger accounts should consider undefined risk positions or directional spreads.
4. DraftKings (DKNG)
DraftKings is an online sports betting and gaming company. DKNG has a year-to-date increase of 5.43%.
Key Data:
- IVR: 66.1
- Current Price: $21
- Market Cap: $8.5 billion
Investment Strategy: Suitable for smaller accounts with undefined risk positions or directional spreads.
5. Palantir (PLTR)
Palantir builds software platforms for institutions that analyze large data sets. PLTR is up 59.71% year-to-date.
Key Data:
- IVR: 39.3
- Current Price: $14
- Market Cap: $26 billion
Investment Strategy: Most accounts will prefer defined risk positions like short iron condors or directional spreads.
6. Uber (UBER)
Uber offers a technology platform for peer-to-peer ridesharing, ride service hailing, and food delivery. UBER is up 6.49% year-to-date.
Key Data:
- IVR: 54.8
- Current Price: $45
- Market Cap: $90 billion
Investment Strategy: Smaller accounts can consider undefined risk positions, while larger accounts can use directional spreads.
7. Applied Materials (AMAT)
Applied Materials provides materials engineering solutions used to produce virtually every new chip and advanced display. AMAT is up 28.55% year-to-date.
Key Data:
- IVR: 83.2
- Current Price: $150
- Market Cap: $128 billion
Investment Strategy: Larger accounts should consider undefined risk positions or directional spreads.
8. Snowflake (SNOW)
Snowflake offers cloud-based data storage and analytics services. SNOW is down 33.88% year-to-date.
Key Data:
- IVR: 54.8
- Current Price: $200
- Market Cap: $60 billion
Investment Strategy: Suitable for larger accounts with undefined risk positions or directional spreads.
9. Nvidia (NVDA)
Nvidia designs and manufactures computer graphics processors, chipsets, and related multimedia software. NVDA is up 128.58% year-to-date.
Key Data:
- IVR: 92
- Current Price: $520
- Market Cap: $1.3 trillion
Investment Strategy: Medium to larger accounts should consider undefined risk positions or directional spreads.
10. Dell Technologies (DELL)
Dell Technologies provides a wide range of technology products and services. DELL is up 49.58% year-to-date.
Key Data:
- IVR: 51.4
- Current Price: $70
- Market Cap: $50 billion
Investment Strategy: Medium to larger accounts should consider undefined risk positions or directional spreads.
Best Undervalued Stocks in 2024
1. Ford Motor Company (F)
Overview: Ford is a legacy automaker with significant investments in electric vehicles (EVs). It has shown potential for long-term growth as it transitions to EVs.
Key Data:
- Current Price: $15
- Market Cap: $60 billion
2. Intel Corporation (INTC)
Overview: Intel, a leading semiconductor company, is investing heavily in new technologies, including AI and autonomous driving.
Key Data:
- Current Price: $35
- Market Cap: $140 billion
Is It Good to Buy Undervalued Stocks?
Investing in undervalued stocks can be a prudent strategy, especially for long-term investors. These stocks often have solid fundamentals but are trading below their intrinsic value due to market inefficiencies. Over time, as the market corrects, these stocks can provide substantial returns.
Best Gold ETF to Invest in 2024
Investing in Gold ETFs is a good way to diversify your portfolio and hedge against inflation.
1. SPDR Gold Trust (GLD)
Overview: One of the largest and most popular Gold ETFs, it tracks the price of gold.
Key Data:
- Current Price: $180
- Market Cap: $70 billion
2. iShares Gold Trust (IAU)
Overview: Another major Gold ETF, known for its low expense ratio.
Key Data:
- Current Price: $35
- Market Cap: $30 billion
Trefis Undervalued Stocks
Trefis provides a platform for stock analysis and valuation. It identifies undervalued stocks based on their intrinsic value calculations.
1. Qualcomm (QCOM)
Overview: Qualcomm is a leader in wireless technology and has a strong growth outlook with 5G.
Key Data:
- Current Price: $120
- Market Cap: $140 billion
2. PayPal (PYPL)
Overview: A leading digital payments company with a robust growth trajectory.
Key Data:
- Current Price: $80
- Market Cap: $100 billion
Our Picks
Blacktether offers valuable insights and stock picks for investors.
1. Alphabet (GOOGL)
Overview: Google’s parent company, with strong growth in cloud computing and digital advertising.
Key Data:
- Current Price: $2,800
- Market Cap: $1.8 trillion
2. Microsoft (MSFT)
Overview: A leading technology company with a diverse product portfolio.
Key Data:
- Current Price: $300
- Market Cap: $2.2 trillion
Which Penny Stock Will Boom in 2024?
1. Plug Power (PLUG)
Overview: A leader in hydrogen fuel cell technology with significant growth potential.
Key Data:
- Current Price: $20
- Market Cap: $10 billion
2. FuelCell Energy (FCEL)
Overview: Another key player in the renewable energy sector, focusing on fuel cell technology.
Key Data:
- Current Price: $7
- Market Cap: $2.5 billion
What Month is Best to Buy US Stock?
Historically, November and December are considered good months to buy US stocks due to the “Santa Claus rally,” where stock prices tend to rise towards the end of the year. Additionally, buying in August can be advantageous as the market often dips due to low trading volumes, providing a good entry point for investors.
Which Stock Will Boom in the Next 5 Years?
Tesla (TSLA)
Overview: Tesla continues to lead the electric vehicle market and is expanding into energy storage and solar solutions.
Key Data:
- Current Price: $1,200
- Market Cap: $1.2 trillion
Shopify (SHOP)
Overview: A major e-commerce platform that supports online businesses worldwide.
Key Data:
- Current Price: $1,500
- Market Cap: $180 billion
What are Good Stocks to Invest in 2024?
Meta Platforms (META)
Overview: Formerly Facebook, Meta is expanding into the metaverse with significant investments in AR/VR technologies.
Key Data:
- **Current Price:** $350
- Market Cap: $1 trillion
Johnson & Johnson (JNJ)
Overview: A leading healthcare company with a diverse product portfolio.
Key Data:
- Current Price: $180
- Market Cap: $470 billion
Top 10 Stocks to Skyrocket in August 2024
| Stock | Current Price | YTD Change | Market Cap | IVR | Sector |
|---|---|---|---|---|---|
| Amazon (AMZN) | $3,470 | +20.07% | $1.76T | 73.1 | E-commerce, Cloud |
| Apple (AAPL) | $175 | +16.55% | $2.75T | 78.5 | Consumer Electronics |
| Coinbase (COIN) | $85 | +40.44% | $18B | 53 | Cryptocurrency |
| DraftKings (DKNG) | $21 | +5.43% | $8.5B | 66.1 | Online Betting |
| Palantir (PLTR) | $14 | +59.71% | $26B | 39.3 | Data Analytics |
| Uber (UBER) | $45 | +6.49% | $90B | 54.8 | Ride-sharing, Food Delivery |
| Applied Materials (AMAT) | $150 | +28.55% | $128B | 83.2 | Semiconductor |
| Snowflake (SNOW) | $200 | -33.88% | $60B | 54.8 | Cloud Computing |
| Nvidia (NVDA) | $520 | +128.58% | $1.3T | 92 | Semiconductors |
| Dell Technologies (DELL) | $70 | +49.58% | $50B | 51.4 | Technology |
In conclusion, these top 10 stocks are well-positioned to deliver significant returns in August 2024. By understanding their market potential and investment strategies, investors can make informed decisions to maximize their returns. Always remember to diversify your portfolio and consider both short-term and long-term investment horizons.
