More stocks left behind in the recent rally are starting to catch up to their peers. The S & P 500 and the Nasdaq Composite have reached their highest levels since April 2022, but that rally has mainly benefited tech stocks. Notably, Tesla recently notched its longest winning streak on record. Megacap tech stocks Microsoft and Apple are up more than 40% in 2023. Meanwhile, Meta Platforms has more than doubled this year, up nearly 130%. Now, however, more stocks are starting to participate in the rally, including names that took a huge beating last year after the rise in interest rates dented their prospects. For example, Carvana is up more than 400% in 2023, after tumbling about 98% last year. CNBC Pro used FactSet data to turn up more stocks that are starting to rebound from their lows this month, using the following criteria: Russell 1000 stocks At least 20% below their 52-week highs Up 15% or more this month Here are the names that came up. Performance data and upside figures are current as of Wednesday’s close. The No. 1 name that surfaced is Carvana . The online used car retailer skyrocketed 81% in June through Wednesday, and is higher by almost 400% this year. Still, it’s about 59% off its 52-week high. Wayfair also came up on the screen. The online home goods retailer is up 30% in June as of Wednesday, even as it remains 30% off its recent highs. Citi analyst Ygal Arounian last week opened a 90-day positive catalyst watch on Wayfair, saying the retailer is returning to strength as it works through its inventory troubles. “The expectation, which was also shared by Wayfair management on its 1Q23 earnings call, is that we are getting closer to clearing out the higher-priced inventory and turning to a healthier inventory environment, which should further support a return to better fundamentals later in the year,” Arounian wrote. Peloton is another name on the list. The fitness company was a major pandemic beneficiary due to gymgoers who were limited to at-home exercise options. However, it suffered from falling sales as lockdowns lifted, with the stock down nearly 78% in 2022. However, that’s changing, with Peloton jumping 11% this year, though the stock remains 45% off its 52-week highs. Citi is bullish on the stock, saying in May that the fitness stock is a high-risk buy as the company launches new tiered subscriptions for users. Match Group , Nordstrom and WeWork also made the cut.
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