Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla lived up to their name in 2024 with solid gains.
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.
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Growth Leaders Shine As Market Rebounds; Block, GE Vernova, Nvidia In Focus
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 Performance |
|---|---|---|
| Alphabet | (GOOGL) | +35.5% |
| Amazon | (AMZN) | +44.4% |
| Apple | (AAPL) | +30.1% |
| Meta Platforms | (META) | +65.4% |
| Microsoft | (MSFT) | +12.1% |
| Nvidia | (NVDA) | +171.2% |
| Tesla | (TSLA) | +62.5% |
Nvidia stock rallied 4.5% Friday, bullishly regaining its 50-day line, a key level to watch. The AI stock shows a double bottom that has a 146.54 buy point.
In recent weeks, Nvidia beat Wall Street’s targets for its fiscal third quarter, but its sales outlook for the current period was only slightly above views.
The artificial intelligence chipmaker earned an adjusted 81 cents a share on sales of $35.08 billion in the quarter ended Oct. 27. Analysts polled by FactSet had expected Nvidia earnings of 75 cents a share on sales of $33.17 billion. In the year-earlier period, Nvidia earned 40 cents a share on sales of $18.12 billion.
The tech titan is an IBD Leaderboard stock.
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Amazon.com (AMZN) reclaimed its 201.20 buy point during recent gains. And Amazon stock moved up 1.8% Friday, adding to Thursday’s gains.
On Oct. 31, Amazon said that it earned an adjusted $1.43 per share on sales of $158.9 billion for the September-ended quarter. Analysts polled by FactSet projected the Seattle, Wash.-based company would post adjusted earnings of $1.14 per share on sales of $157.3 billion.
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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Tesla (TSLA) dived 6.1% Thursday, extending a losing streak to five sessions. The EV giant set an all-time high on Dec. 18, topping out at 488.53.
Shares of the EV giant bounced 8.2% Friday.
Tesla reported fourth-quarter and full-year deliveries and production figures Thursday. The company said it had 495,570 deliveries in the fourth quarter, missing estimates.
Analysts had expected Tesla to report record Q4 deliveries of 500,000 or slightly more. Elon Musk, on the Q3 earnings call, predicted full-year deliveries would slightly top 2024’s 1,808,591. To do that, the EV giant must reach 514,925 in Q4.
Besides recently added Nvidia stock, there are two other Dow Jones names among the Magnificent Seven: Apple (AAPL) and Microsoft (MSFT).
Apple stock moved down 0.2% Friday following Thursday’s sell-off. Shares are falling back into buy range above a flat base’s 237.49 buy point. The stock set fresh record highs last week.
On Oct. 31, the consumer electronics giant offered weak sales guidance for the December quarter. Analysts say the iPhone 16 upgrade cycle is taking longer to materialize due to the slow rollout of the company’s much-touted artificial intelligence features.
And the Cupertino, Calif.-based company beat Wall Street’s targets for its fiscal fourth quarter ended Sept. 28. It earned an adjusted $1.64 a share, up 12% year over year, on sales of $94.93 billion, up 6%.
Meanwhile, Microsoft topped Wall Street’s targets for the software giant’s fiscal first quarter on strong cloud computing business on Oct. 30. However, the company guided below views for sales in the current quarter.
The Redmond, Wash.-based company earned $3.30 a share on sales of $65.6 billion in the quarter ended Sept. 30. Analysts polled by FactSet had expected fiscal Q1 earnings of $3.10 a share on sales of $64.6 billion. On a year-over-year basis, Microsoft earnings increased 10% while sales rose 16%.
Shares moved up 1.1% in Friday’s trading, still below the 50-day level. Microsoft stock is building a cup with handle that has a 456.16 buy point.
How Apple, Nvidia And Microsoft Stack Up Heading Into 2025
