BUZZ-Comm services, tech top S&P 500 sector performers in 2024, materials lag

Communication services and information technology set to post biggest annual gains among the eleven major S&P 500 sectors in 2024

Streaming giant Netflix NFLX.O, with its near 85% gain this year, is the best performer among communications services stocks .SPLRCL that hit a record high in December this year

The sector also benefited from gains in index heavyweights Google parent Alphabet GOOGL.O and Facebook parent Meta Platforms META.O

Information technology .SPLRCT is the second-best sector performer with its 37% gain so far this year, led by Palantir Technology PLTR.O's nearly 350% rise

AI-chip bellwether Nvidia NVDA.O, new trillion-dollar company Broadcom AVGO.O and megacaps Microsoft MSFT.O and Apple AAPL.O also lifted the sector

Consumer discretionary .SPLRCD shares, which house EV maker Tesla TSLA.O and e-commerce giant Amazon.com AMZN.O also gained over 30% YTD, till Monday's close

All three sectors are poised for their second straight year of gains, although the rise is smaller than compared to 2023

The materials sector .SPLRCM, that contains U.S. miners, only S&P 500 sector to lose ground with about 2.2% annual loss

Celanese CE.N, Albemarle ALB.N among top decliners in miners

Healthcare .SPXHC, Energy .SPNY also lag, both set to rise less than 1% for the year

The benchmark S&P 500 has hit multiple record highs this year, gaining over 23% YTD, till last close, compared with a 24.3% gain logged in 2023

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com))