Palantir: The Only Cathie Wood Pick Among S&P 500's Top Performers

The S&P 500's leaderboard for 2024 features some surprising names and familiar heavyweights. At the top sits NRG Energy Inc NRG, scorching ahead with over 70% gain year-to-date, fueled by a rally in power demand and clean energy transitions.

Hot on its heels is heavyweight Palantir Technologies Inc PLTR, posting a strong 64% YTD surge, making it the only stock from Cathie Wood's ARK Invest universe to crack the S&P 500's top-performing list.

Other solid performers include Howmet Aerospace Inc HWM (+49% YTD), Philip Morris International Inc PM (+47%) and Uber Technologies Inc UBER (+38%), showing strength across energy, industrials, consumer staples, and tech-driven services. Not to be overlooked, General Electric Co GE and GE Vernova Inc GEV both shine with gains near 37%, while CVS Health Corp CVS and VeriSign, Inc VRSN round out a diverse group climbing the ranks.

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Amid this broad mix, Palantir stands out – not just for its impressive gains but because it's the lone representative from Cathie Wood's innovation-driven ARK funds that's making waves among America's blue-chip giants. After a spectacular 485% surge over the past year, Palantir stock has captured investor attention with its cutting-edge data analytics and government contracts.

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Technically, Palantir stock remains bullish, trading above its 20-day, 50-day and 200-day moving averages, classic signs that momentum could continue. The MACD (moving average convergence/divergence) indicator and RSI (relative strength index) indicators also support a bullish signal, suggesting Palantir stock's rally isn't finished yet.

However, Wall Street analysts take a more cautious stance. Recent ratings from New Street Research, Goldman Sachs, and Deutsche Bank average to a price target near $118 – only marginally above the current $123 price – implying limited upside for Palantir stock.

For Cathie Wood's ARK funds, Palantir remains the rare success story in the S&P 500 this year, proving that selective innovation still has a place amid the index's top performers.

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