Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the early part of the second quarter of 2024 showed a big divergence of returns. The Magnificent Seven stocks are among the best stocks to watch on the stock market today.
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Due to their outsized market capitalizations, Magnificent Seven stocks hold a disproportionate influence on the market-cap weighted Nasdaq composite and S&P 500 indexes.
For an in-depth look at this issue, check out IBD’s page on the Magnificent Seven weightings, market capitalizations and the companies’ latest news stories.
| Company Name | Symbol | 2024 YTD Performance |
|---|---|---|
| Alphabet | (GOOGL) | +10.6% |
| Amazon | (AMZN) | +18.9% |
| Apple | (AAPL) | -12.3% |
| Meta Platforms | (META) | +40.5% |
| Microsoft | (MSFT) | +12.1% |
| Nvidia | (NVDA) | +80.6% |
| Tesla | (TSLA) | -32.9% |
Amazon (AMZN) remains sharply out of buy range above a cup base’s 145.86 buy point. Amazon fell 0.3% Tuesday, just off new highs.
Last week, the e-commerce giant reported first-quarter earnings and sales that exceeded expectations, helped by strong growth for its cloud-computing and advertising businesses.
Through its Amazon Bedrock platform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performing foundation models (FMs) from leading AI companies like AI21 Labs, Anthropic, Cohere, Meta and Stability AI.
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Google parent Alphabet (GOOGL) surged to new highs in recent weeks, sharply above a 153.78 entry. Shares rallied 1.7% Tuesday.
On April 26, Alphabet reported first-quarter earnings and revenue that handily beat analyst estimates. The company announced its first-ever dividend.
Alphabet surged on March 18 after Bloomberg reported that Apple is in talks with the Google parent over licensing its “Gemini” artificial intelligence training model for use in iPhones.
Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 80% year-to-date return through April 2.
The AI giant is sharply extended past a new flat base’s 505.48 buy point after a Jan. 8 breakout move. Nvidia is an IBD Leaderboard stock.
Nvidia stock slid 1.8% Tuesday, threatening to snap a three-day win streak. Shares remain above their key 50-day line. The stock is building a new base that has a 974 buy point.
On Feb. 21, Nvidia beat Wall Street’s targets for its fiscal fourth quarter and guided higher than views for the current period.
Nvidia’s Q4 report marked its third straight quarter of triple-digit percentage growth in sales and earnings. And its sales growth has accelerated for the past three quarters.
“Accelerated computing and generative AI have hit the tipping point,” Chief Executive Jensen Huang said in a news release. “Demand is surging worldwide across companies, industries and nations.”
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Tesla (TSLA) skidded 3.7% Tuesday, on pace to end a three-day win streak. Last week, Tesla surged above its 50-day line on news reports that Beijing has given preliminary approval for the electric-vehicle giant to launch its Full Self-Driving in China.
In recent weeks, Tesla announced worse-than-expected earnings and revenue for the first quarter, with the electric-vehicle giant reporting its lowest quarterly per-share earnings since 2021. But Tesla stock soared as it signaled “more affordable” new models are still coming.
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL) and Microsoft (MSFT) traded mixed on the stock market today.
Apple stock rose 0.4% Tuesday. Shares are back above their 50- and 200-day lines.
Late Thursday, Apple narrowly beat Wall Street’s estimates for its fiscal second quarter. The iPhone maker also raised its quarterly dividend and stock buyback plan.
In recent weeks, Microsoft beat estimates for its fiscal third quarter, thanks to healthy cloud computing business. Shares fell 0.9% in Tuesday’s trading, as they build a flat base with a 430.82 buy point.
Microsoft stock is at its 50-day line, a key area to watch.
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