Market Insights

More stocks are showing signs of a breakout as the Federal Reserve meets and the S&P 500 jumps above last summer’s peak.

Forty-three members of the S&P 500 made new 52-week highs on Tuesday, according to TradeStation data. It was the highest total since April 21, 2022. The list included growth stocks like Advanced Micro Devices (AMD) and Netflix (NFLX). However less-known companies like Ametek (AME) and Snap-On (SNA) also filled the list.

The change came after May’s consumer-price index rose slightly less than expected from the previous month. It also slowed to 4 percent on an annual basis, the smallest increase since March 2021. Those points helped solidify expectations that the Fed will leave interest rates unchanged this afternoon.

But something bigger could be underway: Jerome Powell’s war against inflation has dominated sentiment since early 2022, prompting him to hike rates for 10 straight meetings. Will the idea he’s ready to pause let investors worry less about the Fed and think more about individual companies?

Technicians may view the increase in stocks hitting new 52-week highs as a positive sign that confirms strength in the broader market. They may also notice that yesterday’s total of 43 stocks is below the peaks at previous times like 2019 and 2021.

The chart above shows the S&P 500 index with weekly bars. It also includes the second symbol “$52WHSP,” TradeStation’s in-house tally of stocks hitting new highs. The second symbol was modified to appear in white with HLC bar. (This is achieved by customizing the symbol.)

Stocks Hitting New Highs

Here’s a list of the S&P 500 companies that hit new 52-week highs yesterday, with their industries. They’re ranked by largest market capitalization to the smallest:

1. Walmart (WMT): Retail
2. Oracle (ORCL): Software
3. Adobe (ADBE): Software
4. Advanced Micro Devices (AMD): Semiconductors
5. Netflix (NFLX): Streaming media
6. Applied Materials (AMAT): Semiconductors
7. Eaton (ETN): Industrial supplies
8. KLA Corp. (KLAC): Semiconductors
9. Cadence Design Systems (CDNS): Semiconductor software
10. Moody’s (MCO): Financial services
11. Marriott (MAR): Hotels
12. Ecolab (ECL): Industrial supplies
13. DexCom (DXCM): Healthcare
14. NXP Semiconductors (NXPI): Semiconductors
15. Parker Hannifin (PH): Industrial supplies
16. Paccar (PCAR): Trucks
17. D.R. Horton (DHI): Homebuilding
18. ON Semiconductor (ON): Semiconductors
19. Lennar (LEN): Homebuilding
20. AmeriSourceBergen (ABC): Healthcare
21. Grainger (GWW): Industrial supplies
22. Otis (OTIS): Industrial supplies
23. Rockwell Automation (ROK): Industrial supplies
24. Ametek (AME): Industrial supplies
25. Ansys (ANSS): Software
26. Vulcan Materials (VMC): Materials
27. Martin Marietta Materials (MMC): Materials
28. Delta Airlines (DAL): Airlines
29. Ingersoll-Rand (IR): Industrial supplies
30. Fortive (FTV): Industrial supplies
31. Royal Caribbean Cruises (RCL): Cruise ships
32. Cardinal Health (CAH): Healthcare
33. Fair Isaac (FICO): Financials
34. Darden Restaurants (DRI): Casual dining
35. Carnival (CCL): Cruise ships
36. Fleetcor Technologies (FLT): Financials
37. Teradyne (TER): Semiconductors
38. PTC (PTC): Software
39. PulteGroup (PHM): Homebuilding
40. InterPublic (IPG): Advertising
41. Snap-On (SNA): Industrial supplies
42. Molson Coors (TAP): Beer
43. Norwegian Cruise Line (NCLH): Cruise ships

Source: TradeStation data