Nearly half of S&P 500's industrials stocks hit all-time highs in 2024

While it is not quite the meteoric rise of NVIDIA Corp., or the substantial performance of much of the Magnificent 7 stocks, nearly half of the S&P 500's industrials sector stocks have hit all-time highs so far this year.

From the end of 2023 through March 1, 37 of the 78 stocks in the S&P 500 industrials sector reached all-time highs, the highest percentage and largest number of stocks in any sector to hit a record level this year, according to S&P Global Market Intelligence data. Across the broader S&P 500, 130 stocks have hit all-time highs in 2024.

Among the 130 stocks that have risen to record highs in 2024 are the mega-cap stocks, including Alphabet Inc., NVIDIA, Microsoft Corp. and Meta Platforms Inc.

In the healthcare sector, 23 stocks on the S&P 500 have reached all-time highs so far this year, about 36% of the sector, and 20 financials stocks, about 28% of the sector.

While the ongoing rally in equities is viewed as driven by tech, just 15 of the 53 stocks in the information sector, or just over 28%, have hit all-time highs in 2024, while just 3 of the 38 stocks in the communications services sector, or less than 8%, have found a new peak this year.

Industrials breakdown

Among industrials, Howmet Aerospace Inc. has gained the most this year, climbing about 25.3% from the end of 2023.

Also in the same sector, Eaton Corp. PLC, Axon Enterprise Inc. and Builders FirstSource Inc. all saw gains of over 20% since the end of 2023.

S&P 500 performance

The S&P 500 has climbed about 130% from its March 2020 trough and increased 7.7% from the end of 2023 through March 1.

Information technology has gained the most this year among S&P 500 sectors, climbing more than 12.3% from the end of 2023, while the communication services sector has increased about 11.3%.