Big Tech Stock to Target This Month

Plus, 24 other stocks that are worth considering to start 2024

Deputy Editor
Jan 3, 2024 at 9:38 AM
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Even as the tech-heavy Nasdaq tumbles amid slightly higher interest rates, investors should consider adding Dow component Alphabet Inc (NASDAQ:GOOGL) to their portfolio to kick off the new year.

Digging deeper, seasonality suggests shares of the 'Magnificent Seven' member could jump this month, per data from Schaeffer's Senior Quantitative Analyst Rocky White. Shares of Google's parent company stand near the top of White's list of the best performing stocks on the S&P 500 stocks in January, going back 10 years. In fact, the security saw positive monthly returns during this time period seven out of ten times, boasting an 3.9% pop on average.

Best of January 32024

Just after the morning bell, GOOGL is down 0.9% to trade at $137.09, though it remains within a chip shot of its late-December, roughly 20-month highs above the $142 level. Plus, the shares are just off a more than 53% annual gain.

For those looking to place their bets on the blue-chip tech giant, options are affordable at the moment. This is per Alphabet stock's Schaeffer's Volatility Index (SVI) of 22% that ranks in the 8th annual percentile, which suggests options traders are pricing in lower-than-usual volatility expectations. 

 

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