2023's 10 Best-Performing Stocks

The latest recommendations from U.S. News Invested concerning the best stock  buys for the coming year.  

FEBRUARY 2, 2023 Invested Advice, rankings and stock market news for investors.

Good morning, investors. Stocks rise on perception of a dovish Fed, and Meta stock soars after the bell. Highlights of today's newsletter include our market insights plus these new articles: 2023's 10 Best-Performing Stocks 7 of the Best High-Dividend ETFs 5 of the Best Stocks to Buy for February 9 Best Stocks for a Starter Portfolio TODAY'S FEATURED STOCK STORY 2023's 10 Best-Performing Stocks In 2022, the S&P 500 logged its worst year since 2008. But the index is off to a hot start to 2023, gaining 6.2% in January. Investors remain concerned about high inflation, Federal Reserve interest rate hikes and an uncertain global economic outlook. The market seems increasingly optimistic that inflation is finally trending in the right direction, and that the Fed pivoting to rate cuts could happen sooner than expected. Top 2023 performers include health care stocks with unique catalysts and stocks exposed to cryptocurrency and China. Here are the 10 best-performing stocks of 2023 among companies that trade on major U.S. exchanges with market capitalizations of at least $1 billion: CinCor Pharma Inc. (ticker: CINC). CinCor Pharma is a clinical-stage biopharmaceutical company focused on developing its drug candidate baxdrostat to treat hypertension and other cardio-renal diseases. CinCor shares ripped higher on Jan. 9 after pharma giant AstraZeneca PLC (AZN) announced plans to buy CinCor at an upfront price of $1.3 billion, more than double the closing price of CinCor's shares the week before. Prior to the buyout announcement, CinCor's stock had plummeted 47% in a single day in November 2022 when baxdrostat suffered a setback in its clinical trials. However, the stock skyrocketed 135.2% in January on the buyout news. Carvana Co. (CVNA). Carvana is an online used car sales platform that allows buyers to have cars delivered directly to their homes. Two years after Reddit stock traders sent shares of struggling meme stocks GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) skyrocketing, social media traders once again rallied behind Carvana in January, triggering a short squeeze in the stock despite its poor business performance. In fact, Carvana announced 1,500 layoffs in November 2022. It also reported a 2.7% drop in revenue and a $283 million net loss in the most recent quarter, suggesting its 114.6% January gain may be short-lived. Click here to continue reading. 2023's 10 best-performing stocks: CinCor Pharma Inc. (CINC) Carvana Co. (CVNA) Aurinia Pharmaceuticals Inc. (AUPH) Sotera Health Co. (SHC) Scilex Holding Co. (SCLX) Opendoor Technologies Inc. (OPEN) Revance Therapeutics Inc. (RVNC) Dada Nexus Ltd. (DADA) Riot Platforms Inc. (RIOT) Wayfair Inc. (W)