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Two S&P 500 stocks to buy in 2024

by Thea Coates Finance Reporter
9th Apr 24 10:29 am

The S&P 500 contains some of the strongest stocks available today and has started strong this year.

After making an epic comeback in 2023, the S&P 500 index was in the spotlight to show what it was made of- and it has done just that.

  • The S&P 500 has had a record start to this year, and its stocks are some of the top picks for this year.
  • Mastercard is a proven profit machine that has overcome any obstacle in its path entirely and consistently.
  • After finally reaching the green mark, Uber has continued to explode and is too good to pass up despite its high price.

The S&P 500 had a record close of 5,245 points over Easter weekend despite the economic challenges its stocks are facing. Financial Analyst Joel Lim at Trading.biz has identified the 2 best stocks listed in the S&P 500 that have exploded this year and are on a path to becoming very profitable stocks.

Uber and Mastercard are the 2 best S&P 500 stocks to get your hands on as soon as possible. Both are severely outperforming the S&P 500 and, despite their high prices, are worth considering as buys this year.

Mastercard (MA)

Mastercard has been somewhat overlooked due to the other high performers in its industry and fierce competition. However, the stock has never been behind and has only continued to soar to new heights, reaching a near 500% rise to prominence over the last 10 years.

Even battling through high inflation and interest rates along with an oversaturation of tech, Mastercard repeatedly managed to produce solid revenue growth. Mastercard ended 2023 with 13% revenue growth and has maintained a healthy average 45% profit margin since 2019.

Joel Lim said, “Mastercard is one of the most established payment companies in the world and meets the fast-paced growth of cashless payments with adequate solutions and resiliency to economic hurdles.”

Investors can be sure that this investment will be worth the pretty penny as Mastercard has proven time and time again its ability to grow.

Uber (UBER)

Uber is a booming stock, but many investors may be turned off by its high price tag. However, there is no denying that Uber is finally settling into its true potential. Uber crossed the profit line in 2022 and hasn’t looked back since. As the chart shows below, Uber has outperformed the S&P 500 by over 55% since the end of last year.

From here, the ridesharing titan expects tremendous and fast growth, with plans to reach $1.34 adjusted EPS this year and more than double the current EPS by 2025. Uber has an impressive bottom line due to its continuously increasing profit margin.

Uber has continued popularity in tune with the demand cycles and trends of the current generation. Joel Lim points out, “Uber is not only at the forefront of younger generations’ preferences for ridesharing but food and grocery delivery as well.”

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