"Fundamentally, it’s in a relatively strong position. "AT&T is at the intersection of being a deep value play," Sekera said.
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BUY #1: AT&TĪT&T ( T) has had a challenging first half of the year as declining subscriber growth, softer-than-expected sales and disappointing free cash flow levels kept investors away from the telecom giant.īut despite those headwinds, David Sekera, chief US market strategist at Morningstar, told Yahoo Finance that AT&T is a top pick. Here are three relative laggards from the S&P 500 this year that could gain favor on the Street. "The bogeyman of narrow market breadth has started to broaden out and is a trend we expect will continue," says Belski. CVS Health is down 26%, Moderna is off 34% and VF Corp is down 31%. That should be good for tech earnings on a relative basis."īut non-tech companies haven't fared quite as well. "Also, even if the economy slows as we expect, it’s likely that companies will continue to spend on tech, or fear of being left behind. "These stocks have benefited from coming into the year in an oversold position, the excitement around AI, and earnings revision trends that have turned higher," Lerner says. And Microsoft and Alphabet have traded blows on AI developments, in the process driving respective stock price gains of 39% and 34%. Amazon is oddly up 52% despite not announcing anything on the AI front and continuing to have poor quarters. Tesla shares are up 109% (AI hype and strong EV demand).Īpple is up 46% on optimism around some pricey new VR goggles. Nvidia ( AI hype) and Meta ( cost-cutting and AI hype) have led the charge for the S&P 500 with respective gains of 180% and 133%. Powered mostly by hype around new generative AI technology, seven stocks have fueled most of the S&P 500's 15% year-to-date advance, according to data from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.Īnother view from Goldman Sachs (chart below): 15 of the biggest companies have driven 86% of the S&P 500's return year-to-date.
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