5 Stocks To Consider For April 2024

FXOpen

As if it were comparable to the blink of an eye, the first quarter of 2024 is now complete.

It would perhaps be fair to consider that this year's first three months were relatively uneventful compared to the undulations of the past few years in which rampant inflation across many Western nations, tech stock volatility, US bank collapses, a need to raise the debt ceiling, and the demise of FTX have punctuated the news.

By contrast, this year began with a steady rebuilding of the fiscal structure, a noticeable acceleration in the value of major stock market indices, and even talk of a reduction in interest rates by central banks across Europe and North America.

As we head into the second quarter of the year, it is earnings season, and the large, publicly listed companies whose stock is listed on the prominent stock exchanges are about to reveal their corporate performance for the beginning of this financial year.

Here are 5 stocks which could be of interest during this pivotal period.

1) Citigroup

One of the world's largest investment banks and once the world's largest interbank FX dealer by notional volume, Citigroup is leading a charge of publicly listed financial giants as earnings season approaches. During the course of this year, Citigroup has been on a roll, its stock having spent the past six months going from strength to strength. On October 1 last year, Citigroup stock was trading at below $40 per share at $39.53 on FXOpen before suddenly embarking on a seemingly unstoppable upward direction. By March 1, Citigroup stock had reached $63.15 per share, marking a remarkable move toward a bumper first quarter. As Citigroup's earnings report draws near, analysts are optimistic, looking at an estimate of 3.4% growth for three US banks, those being Wells Fargo, JPMorgan Chase and Citigroup. Citigroup concluded trading on Thursday, March 28, the last US session before the end of this quarter, at $63.17, according to charting information from FXOpen.

2) NVIDIA

The darling of the computer hardware industry that has, over the years, bucked the trend for dwindling demand during this era of cloud computing and almost zero hardware dependency due to its graphics card products being favoured by gaming enthusiasts and cryptocurrency miners alike. When the Chinese government cracked down on large-scale cryptocurrency mining enterprises three years ago, NVIDIA moved with the times and began to investigate AI. As a result, it has managed to bolster its commercial value and do very well. NVIDIA enjoys the accolade of being one of the most traded computing stocks despite most of the others being software firms; however, over the recent period and the end of last quarter, NVIDIA's stock prices have begun to be volatile. On March 25, NVIDIA was trading at $949.33 according to FXOpen pricing; however, by the last trading day of the month, March 28, it was at $901.99 per share. AI is creating a big buzz at the moment - but as it is in its infancy, can big hitters like NVIDIA continue to be at the forefront with a foray into a brave new world with gaming being its mainstay?

3) Lucid Group

Set to report its quarterly earnings on April 13, electric vehicle manufacturer Lucid Group is a volatile prospect. The ordinarily conservative motor industry is overtly competitive and crowded, and whilst new entries such as Lucid are riding the perceived transformation to electrification from internal combustion, it is clear that the establishments which have been making cars for over 100 years are now well versed in hybrid and electric vehicle design to the extent that perhaps they are more geared up for it. Lucid Group stock has been up and down considerably over the past quarter, and with earnings approaching, there could be more volatility ahead. A relatively low-value stock, the price seems to vary between the low and high $2 mark, and considering that the previous quarter recorded a loss for the company and current discourse over whether fully electric vehicles are really the future and companies like Toyota - the largest motor manufacturer in the world with a long history of global expertise - looking at hydrogen fuel cell and hydrogen internal combustion technology, more volatility for newcomers such as Lucid may be ahead.

4) Microsoft

Microsoft has demonstrated its institutional prowess and place on the world technology stage as a giant among giants over the past year in the way that it has attempted to acquire Activision Blizzard for over $68 billion in an all-cash deal, creating such a stir over the possibility of almost monopolising the computer gaming sector and creating an environment in European and North American markets in which huge names such as Sony Playstation would find it hard to maintain their market share. The authorities in Britain and the United States have been wrangling this out with Microsoft. However, the company's ability to do such a deal shows its might. However, over recent weeks, Microsoft stocks have been among the top big-cap fallers according to FXOpen charting. On March 21, Microsoft was trading at $428.82; however, this had decreased to $419.83 by March 28, the final trading day of the quarter. Microsoft is set to announce its first-quarter earnings on April 23, which could be interesting reading.

5) Amazon

April 25 will mark the date upon which Amazon will announce its first-quarter earnings for 2024, and that should be of great interest to all comers, as Amazon stock has been going from strength to strength recently. A low point on March 18 recorded Amazon stock at $174.27 before the e-commerce and web services giant began to increase substantially in value. By the last trading day of the quarter, Amazon stock was at $182.71 per share, reaching the high points it enjoyed in late 2021. The 'Magnificent 7', which includes Amazon as one of the world's most traded and highest capitalised tech stocks, has been a shining light recently and offered a bit of market volatility that is often not part of the experience as they tend to thread a conservative path when so much investor and shareholder responsibility is at stake. April 25 will likely be an interesting day.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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