The S&P 500's Best-Performing Stocks at the Halfway Mark of 2026: Can They Still Go Higher This Year?

The stock market has continued to perform well in 2026, despite seemingly high valuations for many stocks entering this year. As of the end of June, the S&P 500, which features the top 500 stocks on U.S. markets, was up 9% since the beginning of the year. And since 2023, it has now risen by 95%. This year, tech stocks have once again dominated, with a heavy focus on memory and storage providers. The three best-performing stocks on the S&P 500 as of the halfway mark of 2026 were Sandisk (NASDAQ: SNDK), Micron Technology (NASDAQ: MU), and Intel (NASDAQ: INTC). Here's a look at how much they were up as of the halfway mark, and if they can still rise much higher in the second half. Sandisk Shares of Sandisk were up a monstrous 858% as of the end of June, easily making it the hottest stock to own on the S&P 500. There's no mystery behind its success as Sandisk has been benefiting from incredible demand for the memory and storage products that it sells. Its valuation may also make it look enticing to tech investors, as it has a market cap of around $260 billion, which may not seem all that big compared to the big players in tech. But while the business has been doing well, there has been some apprehension of late. The stock fell last week, perhaps due to concerns about its high valuation (60 times trailing earnings) and fears that, while there is a shortage of memory and storage products in the market right now, that shortage may inevitably end in the long run. And when that happens, Sandisk's stock could be due for a correction. The company has been doing exceedingly well, but the question is whether this kind of performance is sustainable. In its most recent quarter, which ended on April 3, the company's revenue rose by 251%, and its gross profit margin was 78%, which was a huge improvement from just 23% in the same period a year ago. Sandisk's stock may still rise if demand for memory remains strong, but I also believe that it may run out of room to rise a whole lot higher, given how much future growth is already priced in to its hefty valuation; it may be approaching a peak, if it hasn't already hit one. Micron Technology Micron Technology, another red-hot memory stock this year, saw its valuation cross the $1 trillion mark amid its rally during the first six months. At the halfway mark, the stock was up just over 300%. While that's far behind Sandisk, it's a tremendous performance nonetheless. Second-Half Expectations In the second half, the continued demand for tech stocks and the development of new technologies could help drive Sandisk and Micron Technology's stocks even higher. However, with their high valuations and the fact that much of their future growth is already priced in, there is concern that their stocks may not have much more room to rise. The Market's Dependence on Memory Demand