Gold, silver, and crude oil are racking up more gains in the early going today, while stocks are...not. Treasuries are also falling in price, sending yields higher, while the dollar is trading around the flatline. Bitcoin was recently off more than 6%.
Congratulations are in order for Medical Technology Stock Letter editor and MoneyShow contributor John McCamant! His recommendation Viking Therapeutics Inc. (VKTX) was easily the top performing one in our 2024 Top Picks report for Q1 2024. The company has reported positive trial results for its anti-obesity treatment, causing shares to soar 308% from the report publication date through yesterday.
Viking Therapeutics, Inc. (VKTX)
Some other noteworthy stats? Fifty of the 91 recommendations (55%) in the report are profitable as of the start of Q2. No single loser was greater than 32%, while five gainers beat that benchmark. That includes the #2 performer so far this year, Grayscale Bitcoin Trust (GBTC) from Paul Dykewicz, editor of StockInvestor.com. It gained 59.4%. If you didn’t get your report copy when we published it at the start of the year, you can download one HERE.
Meanwhile, this Bloomberg story does a great job of summarizing the dynamic in markets this year. In short, “Big Oil” is beating “Big Tech” now! More specifically, the Energy Select Sector SPDR Fund (XLE) has returned 14.3% so far this year, handily beating the 8.8% return of the Technology Select Sector SPDR Fund (XLK). Energy also outperformed every other S&P 500 sector last month, a trend that could continue with US oil futures pushing up through $85 a barrel this morning before easing back.
