By Philip van Doorn, MarketWatch
Tesla, Netflix, PayPal, Nvidia, Amazon and AMD are all among this year's top stocks
The Nasdaq includes 2,701 companies, and investors have long associated it with startups, rapidly growing small-cap companies and technology firms, but it also includes many large companies and is weighted by market capitalization. So big names have powered this year's gains.
After a record closing high Feb. 19, the Nasdaq plummeted along with other broad indexes to hit a closing low for the year March 23, when it was down 23.5% for 2020. But after rising 1.4% on May 7, the Nasdaq was up slightly for 2020, while the Dow Jones Industrial Average was down 16.3% and the S&P 500 Index was down 10.8%. (All price changes in this article exclude dividends.)
The fast rebound from March was propelled by unprecedented and rapid stimulus from the federal government and the Federal Reserve through myriad programs. At the same time, unemployment claims have risen to shocking levels ().
"What investors are responding to is the Fed activity," which has "reassured people," Matt Quinlan, a co-portfolio manger of the Franklin Rising Dividend Fund , said in an interview May 7.
Stocks leading the Nasdaq
Since the Nasdaq is weighted by market capitalization, the Nasdaq-100 Index provides the best insight into which companies have driven this year's recovery. The Nasdaq-100 includes the largest companies in the full Nasdaq Composite Index by market capitalization, excluding the financial services sector. It is tracked by the QQQ Trust ETF (QQQ), which has $97.5 billion in assets under management.
Here are the 20 stocks among the Nasdaq-100 that have performed the best during 2020, through May 7:
Company Ticker Price change - 2020 Price change - 2019
Tesla Inc US:TSLA 86.5% 25.7%
DexCom Inc. US:DXCM 84.9% 82.6%
Regeneron Pharmaceuticals Inc. US:REGN 49.1% 0.5%
Seattle Genetics Inc. US:SGEN 42.9% 101.7%
Citrix Systems Inc. US:CTXS 35.9% 8.2%
PayPal Holdings Inc US:PYPL 35.2% 28.6%
MercadoLibre Inc. US:MELI 35.0% 95.3%
Netflix Inc. US:NFLX 34.9% 20.9%
Nvidia Corp. US:NVDA 29.6% 76.3%
Amazon.com Inc. US:AMZN 28.1% 23.0%
JD.com Inc. ADR Class A US:JD 27.1% 68.3%
Vertex Pharmaceuticals Inc. US:VRTX 23.3% 32.1%
Activision Blizzard Inc. US:ATVI 23.0% 27.6%
T-Mobile US Inc. US:TMUS 21.5% 23.3%
Gilead Sciences Inc. US:GILD 19.4% 3.9%
Cadence Design Systems Inc. US:CDNS 17.3% 59.5%
Microsoft Corp. US:MSFT 16.4% 55.3%
Ebay Inc. US:EBAY 14.6% 28.6%
Synopsys Inc. US:SNPS 14.2% 65.2%
Advanced Micro Devices Inc. US:AMD 13.3% 148.4%
You can click on the tickers for more about each company.
You may have to scroll the table to see all of the data.
Don't miss:Three dividend stocks of cash-flow-rich companies poised to thrive during this economic crisis ()
-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 09, 2020 14:19 ET (18:19 GMT)
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