The S&P 500 is heading for a hot 2024, but some companies may fall out of favor in the second half of the year. On Thursday, the broad market index briefly breached the 5,500-point mark for the first time, with artificial intelligence darling Nvidia initially pushing the benchmark to new heights. However, the de facto market leader and other fast-moving stocks on Wall Street could be under pressure after their big gains, according to consensus price targets. CNBC Pro used its stock screener tool to search for S&P 500 stocks with average analyst price targets predicting a decline of 10% or more in the future. The data in the table below is as of 9:45 a.m. ET on Thursday, June 20. Nvidia Investor sentiment around artificial intelligence has boosted Nvidia’s stock price into 2024, with the stock more than doubling this year. On Tuesday, the chip company’s market value temporarily surpassed that of Microsoft, becoming the most valuable public company at the time. NVDA Year to date, Nvidia stock has risen 155% in 2024. While analysts polled by LSEG have a consensus buy rating, their price targets have been exceeded, potentially implying a retracement of nearly 11%. Some commentators and analysts on Wall Street have warned that growing competition in the artificial intelligence boom could weigh on Nvidia moving forward, although the stock remains a Wall Street favorite. Chip manufacturer Qualcomm also benefited from the artificial intelligence boom in 2024, with its stock price rising by nearly 47%. The company last month released better-than-expected fiscal second-quarter results and strong guidance. Qualcomm also highlighted strong demand for its “high-end” smartphones, which require the most advanced chips, especially in China. QCOM has climbed the mountain on Qualcomm stock so far this year. Still, analyst price targets suggest the stock could beat expectations and fall nearly 14% ahead. Meanwhile, chip stocks remained strong throughout June, with the VanEck Semiconductor ETF (SMH) soaring 51% in 2024.
