S&P 500   5,096.27
DOW   38,996.39
QQQ   439.00
Pure Storage, Hormel Foods rise; WW International, First Advantage fall, Thursday, 2/29/2024
This is the #1 Stock to Buy for the AI Tidal Wave (Ad)
How major US stock indexes fared Thursday, 2/29/2024
Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase
Critical asset just had biggest fall on record (Ad)
Grads From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, or MIT: Study
It's Leap Day, and You're Probably Working — Here's How 'February 29' Affects Your Paycheck
Critical asset just had biggest fall on record (Ad)
Stock market today: Wall Street quiet after breaking more records; another bank reports trouble
China's manufacturing activity contracts for 5th straight month despite policy support
S&P 500   5,096.27
DOW   38,996.39
QQQ   439.00
Pure Storage, Hormel Foods rise; WW International, First Advantage fall, Thursday, 2/29/2024
This is the #1 Stock to Buy for the AI Tidal Wave (Ad)
How major US stock indexes fared Thursday, 2/29/2024
Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase
Critical asset just had biggest fall on record (Ad)
Grads From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, or MIT: Study
It's Leap Day, and You're Probably Working — Here's How 'February 29' Affects Your Paycheck
Critical asset just had biggest fall on record (Ad)
Stock market today: Wall Street quiet after breaking more records; another bank reports trouble
China's manufacturing activity contracts for 5th straight month despite policy support
S&P 500   5,096.27
DOW   38,996.39
QQQ   439.00
Pure Storage, Hormel Foods rise; WW International, First Advantage fall, Thursday, 2/29/2024
This is the #1 Stock to Buy for the AI Tidal Wave (Ad)
How major US stock indexes fared Thursday, 2/29/2024
Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase
Critical asset just had biggest fall on record (Ad)
Grads From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, or MIT: Study
It's Leap Day, and You're Probably Working — Here's How 'February 29' Affects Your Paycheck
Critical asset just had biggest fall on record (Ad)
Stock market today: Wall Street quiet after breaking more records; another bank reports trouble
China's manufacturing activity contracts for 5th straight month despite policy support
S&P 500   5,096.27
DOW   38,996.39
QQQ   439.00
Pure Storage, Hormel Foods rise; WW International, First Advantage fall, Thursday, 2/29/2024
This is the #1 Stock to Buy for the AI Tidal Wave (Ad)
How major US stock indexes fared Thursday, 2/29/2024
Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase
Critical asset just had biggest fall on record (Ad)
Grads From This Midwestern School Are More Likely to Start a Billion Dollar Company Than Founders Who Went To Stanford, Harvard, or MIT: Study
It's Leap Day, and You're Probably Working — Here's How 'February 29' Affects Your Paycheck
Critical asset just had biggest fall on record (Ad)
Stock market today: Wall Street quiet after breaking more records; another bank reports trouble
China's manufacturing activity contracts for 5th straight month despite policy support

3 tech stocks on the verge of major breakouts

photo of businessman touching a stock chart

Key Points

  • The technology sector recently hit new all-time highs, outpacing the broader market.
  • Tech ETF, Invesco QQQ surged 55% YTD, with an overflow of tech stocks breaking out recently.
  • Three tech stocks on the verge of breakouts into year-end include MSFT, UPST, and UBER.
  • 5 stocks we like better than Uber Technologies

As we near the year's end, the technology sector is concluding on an impressive note, having recently reached new all-time highs. The tech sector has taken the lead throughout the year, outpacing the broader market significantly. 

It's been a year underscored not by a singular catalyst but by many impactful events: the ascendance of Artificial Intelligence (AI), persistent geopolitical tensions, interest rates, and the Federal Reserve's battle against inflation. 

Through it all, the tech sector's exceptional dominance over the year shouldn't come as a shock. The Invesco QQQ ETF NASDAQ: QQQ has notably surged nearly 55% year-to-date, sharply outpacing the SPDR S&P 500 ETF Trust NYSE: SPY, which has risen by 24%. It's evident in the continuous breakout of many tech stocks from their consolidations, demonstrating robust follow-through momentum toward higher values. 

And while the end of the year is just around the corner, three high-flying industry leaders are shaping up for further upside. Let's look closer at three tech stocks that look set to add to their already impressive year-to-date gains. 

Three tech stocks on the verge of a breakout

Microsoft NASDAQ: MSFT

Microsoft, the world's largest software company, is renowned for Windows, Azure cloud services, LinkedIn, Office suite, and Xbox gaming. In 2023, its acquisition of Activision Blizzard and innovative AI developments with OpenAI garnered significant attention.

Microsoft has had a stellar year. The technology and software giant has just edged out the rest of the sector year-to-date, up almost 56% year-to-date and last trading within 3% of its all-time high. In its most recent quarterly report on October 24, 2023, Microsoft exceeded earnings expectations by reporting $2.99 per share, surpassing the estimated $2.65 by $0.34. The company earned $56.52 billion during the quarter compared to analysts' predictions of $54.52 billion. Over the past year, Microsoft has generated $10.33 in earnings per share and currently holds a price-to-earnings ratio of 36.21.


Despite its remarkable performance during the year, both fundamentally and technically, the stock might have juice left. The stock is currently trading in a tight range between $370 and $376, with the latter acting as critical resistance. If it can push above resistance with authority, a move over $380 toward its all-time high is likely the outcome. 

Uber Technologies NASDAQ: UBER

Uber is a multinational ride-hailing company that operates a mobile app connecting users with transportation services such as ridesharing, food delivery, and micro-mobility options like electric bikes and scooters. Established in 2009, Uber has expanded globally, revolutionizing how people commute and access transportation services through its convenient and user-friendly platform.

Notably, Uber is one of the most upgraded and top-rated stocks, with analysts rating the stock a Buy. Year-to-date, the stock has impressed and vastly outperformed, up 150%. And the good news for shareholders is that it appears the stock isn't done for the year.

The stock has spent several weeks consolidating at recent highs, with $63.50 acting as resistance and $61.50 as support. Last trading near $63.20, the stock looks set to break above its recent high and begin a fresh leg higher into the new year. 

Upstart Holdings NASDAQ: UPST

Upstart Holdings is a lending platform in the United States that employs AI technology to make credit decisions. It offers loans for various purposes, leveraging advanced algorithms to assess creditworthiness beyond traditional factors.

Upstart has significant bearish sentiment surrounding its stock, with analysts forecasting over 44% of downside and shorts piling into the name, which now has a massive 43.66% short interest. However, the stock has soared to the upside, up over 250% year-to-date, perhaps making analysts and the shorts question their thesis. 

From a technical analysis point of view, the stock looks set to continue higher. Over the previous two weeks, it has consolidated over $45 and key moving averages, with $47 - $49 acting as resistance. Should the stock push above this resistance zone and firmly hold, a move over $50 could easily result in further upside and a potential squeeze. 

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Should you invest $1,000 in Uber Technologies right now?

Before you consider Uber Technologies, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Uber Technologies wasn't on the list.

While Uber Technologies currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Upstart (UPST)
2.2229 of 5 stars
$25.75+0.9%N/A-8.88Reduce$26.44
Microsoft (MSFT)
4.8987 of 5 stars
$413.64+1.5%0.73%37.40Moderate Buy$411.06
Uber Technologies (UBER)
4.5837 of 5 stars
$79.50+2.3%N/A92.44Moderate Buy$73.06
Compare These Stocks  Add These Stocks to My Watchlist 

Ryan Hasson

About Ryan Hasson

  • Ry.has7@gmail.com

Contributing Author

Technical Analysis, Momentum Trading, Risk Management

Experience

Ryan Hasson has been a contributing writer for MarketBeat since 2023.

Areas of Expertise

Equity research and analysis, technical analysis and price action, market sentiment and underlying themes, risk management and trading psychology

Education

Bachelor of Commerce in Financial Management

Past Experience

Equities trader, Kershner Trading Group, business analysis consultant, SMB Capital

Zoom International: Business Analysis Consultant.


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