October saw a shift in the stock market landscape, with some familiar names taking center stage while others experienced a surge in interest. Benzinga Pro, a go-to source for traders seeking real-time market insights and news, unveiled the top 10 most searched stocks for the month. Let’s dive into the details and explore the factors behind these trends.
Tesla Reclaims Top Spot
Tesla (TSLA) once again claimed the top spot on the list, solidifying its position as a highly sought-after stock. Despite a relatively modest year-to-date return of +0.2%, Tesla has consistently ranked among the top performers on Benzinga Pro, showcasing its enduring appeal among investors.
Nvidia Climbs the Leaderboard
Nvidia (NVDA) followed closely behind, maintaining its status as a top contender in the tech sector. With an impressive year-to-date return of +181.0%, Nvidia’s performance has been fueled by the growing demand for its chips in the rapidly evolving AI and gaming industries.
Trump Media & Technology Group Makes a Splash
One of the most notable movements in October was the surge in interest surrounding Trump Media & Technology Group (DJT), a media company co-founded by former President Donald Trump. The stock’s recent rally has been driven by speculation surrounding the upcoming presidential election, as Trump’s odds of winning the 2024 race have increased across various prediction markets and sports betting platforms.
The stock’s performance could be significantly influenced by the election results. A Trump victory could potentially drive the stock higher, while a loss could lead to a significant decline. The high short interest surrounding DJT also adds to the stock’s volatility, making it a potential candidate for a short squeeze.
SPDR S&P 500 ETF Trust Drops to Fourth Place
The SPDR S&P 500 ETF Trust (SPY) dropped to fourth place from its second-place ranking in the past two months. This decline can be attributed to the increased interest in the individual stocks mentioned above, rather than a decrease in investor appetite for the S&P 500 index.
Newcomers and Notable Returns
Several new entries joined the top 10 list in October, including Bright Minds Biosciences (DRUG), Tevogen Bio Holdings (TVGN), and Oklo Inc (OKLO). These companies have experienced significant year-to-date returns, with Bright Minds Biosciences and Oklo each exceeding 100%.
Advanced Micro Devices (AMD) also made a comeback, returning to the top 10 after falling out of the top 20 in September. The stock has experienced a fluctuating performance in 2024, moving between the top 10 and top 20 each month.
Honorable Mentions
The list also included several notable tech companies, such as Amazon.com Inc (AMZN), Microsoft Corporation (MSFT), and Meta Platforms (META), along with a mix of other sectors, demonstrating the diverse range of investor interest on Benzinga Pro.
Looking Ahead
With the 2024 presidential election on the horizon, Trump Media & Technology Group is likely to remain a focal point for traders in November. The stock’s performance will hinge on the election outcome, making it a highly volatile investment.
The continued interest in Tesla, Nvidia, and other tech companies suggests that the sector remains a driving force in the stock market. As investors navigate the complexities of the market, Benzinga Pro will continue to provide valuable insights and updates on the most searched stocks.
