After a dismal performance last year, growth stocks came roaring back in 2023 thanks to several tailwinds such as cooling inflation, the Federal Reserve's pause on interest rate hikes, a strong economy, and the reduced probability of a recession. That rally is expected to continue in 2024 as well.

Personal finance news provider Kiplinger estimates that S&P 500 companies could witness an 11% increase in earnings in 2024, up significantly from this year's growth of 2.3%. At the same time, the Fed is expected to cut interest rates in the new year. Not surprisingly, Wall Street is forecasting a strong showing from the stock market once again in 2024, with Goldman Sachs recently raising its 2024 S&P 500 forecast by 8% to 5,100.

As such, now would be a good time for investors to load up on growth stocks before 2024 arrives. Assuming you have $1,000 in investible cash after paying off your bills, clearing your high-interest loans, and saving enough for difficult times, it may be a good idea to put that money into shares of Super Micro Computer (NASDAQ: SMCI).

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Source Fool.com