Bank of America detailed a list of what it deems to be the most important stocks in the U.S. To create the list, the firm searched for stocks in the MSCI USA Index with a market capitalization exceeding $100 billion with an average daily trading volume of at least $100 million.
The company then screened for importance, which calculates the volatility of relative return compared to the MSCI index over the previous decade. Bank of America also searched for earnings, price and news momentum, and ranked stocks via their ability to perform in an economic upturn and continue to offer long-term stable earnings growth. Here are some of the names that made the cut: It is no surprise that Bank of America included Nvidia in its screen.
The artificial intelligence chipmaker has rallied 160% year to date as Wall Street ramps up bets on its long-term potential. The company is up 9% over the past month despite some recent volatility. Nvidia fell more than 5% in July and is on deck to report earnings later this month.
Drugmaker Eli Lilly also met the screen's criteria. The company has made headlines this week on news that its weight loss drug reduced the risk of developing diabetes in a late-stage trial. Shares have rallied roughly 63% this year as Wall Street bets on its foray into the sector.
"Magnificent Seven" stocks Apple and Tesla also made the cut. Apple shares have gained 17% year to date, while Tesla is down 10%. Earlier this year, Apple unveiled its long-awaited AI strategy , known.