The Magnificent Seven stocks – Apple, Microsoft, Google’s parent company Alphabet, Amazon, Nvidia, Metaplatform, and Tesla – lived up to their names with significant gains in 2023. However, there was a significant divergence in returns in the first quarter of 2024. Magnificent Seven stock is one of the most interesting stocks on the stock market today.
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Because of its large market capitalization, Magnificent Seven stocks have a disproportionate influence on the market-cap-weighted Nasdaq Composite Index and S&P 500 Index.
If you’d like to learn more about this issue, check out IBD’s page on The Magnificent Seven’s weighted value, market capitalization, and the latest news articles on the company.
Magnificent Seven stock performance
| Company Name | symbol | 2024 year-to-date performance |
|---|---|---|
| alphabet | (Google) | +10.6% |
| Amazon | (AMZN) | +18.9% |
| apple | (AAPL) | -12.3% |
| meta platform | (meta) | +40.5% |
| microsoft | (MSFT) | +12.1% |
| Nvidia | (NVDA) | +80.6% |
| tesla | (TSLA) | -32.9% |
Source: IBD data as of April 2, 2024
Magnificent Seven stock: Amazon hits new highs
Amazon (AMZN) is well out of the buy range above the cup-based buy point of 145.86. Shares fell 2.6% on Friday, sending the stock below its 50-day line.
In early February, Amazon reported quarterly results that beat expectations for both profits and sales.
Through the Amazon Bedrock platform, the e-commerce and cloud giant offers a fully managed service offering a selection of high-performance foundational models (FM) from leading AI companies such as AI21 Labs, Anthropic, Cohere, Meta, and Stability AI. Masu.
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Alphabet surges due to Gemini talks
Google’s parent company alphabet (GOOGL) is trying to break through the entry at 153.78. And with the stock down 1.2% on Friday, the stock is right at a buy point.
Alphabet soared on March 18 after Bloomberg reported that Apple was in talks with Google’s parent company to license Gemini, an artificial intelligence training model for use in iPhones.
On January 30, Alphabet reported fourth-quarter profit and revenue that exceeded analyst expectations. But the stock fell as the search giant’s core advertising business narrowly missed out on views.
Nvidia stock leads Magnificent Seven
Among the Magnificent Seven brands, Nvidia (NVDA) is a top performer in 2024, with an impressive 80% year-to-date return through April 2nd.
The AI giant is surging above a new flat-based buy point at 505.48 after its Jan. 8 breakout. On Friday, the stock plummeted 10%, giving up support at its 50-day line. Nvidia is his IBD leaderboard stock.
On February 21st, NVIDIA met Wall Street’s targets for its fiscal fourth quarter and exceeded viewership for the period.
Nvidia’s fourth quarter report marked the third consecutive quarter of triple-digit growth in revenue and profit. And sales growth has accelerated over the past three quarters.
“Accelerated computing and generative AI have reached a tipping point,” CEO Jensen Huang said in a news release. “Demand is surging around the world, across companies, industries and nations.”
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tesla stock slide
tesla (TSLA) fell 1.9% on Friday, extending its losing streak to six sessions. The stock price hit a new 52-week low.
The electric vehicle giant announced on January 24 that its profit fell 40% to 71 cents per share, but sales rose 3.5% year over year to $25.17 billion. Wall Street had expected earnings of 73 cents a share on revenue of $25.62 billion. Tesla’s earnings per share in 2023 fell 23% to $3.12, but revenue rose 19% to $96.77 billion, compared to expectations of $3.05 on revenue of $97.5 billion.
The Magnificent 7 Dow Jones stocks: Apple, Microsoft
Two of the Magnificent Seven stocks are named after Dow Jones. apple (AAPL) and microsoft (MSFT) fell on the stock market today.
Apple stock fell 1.2% on Friday. The stock price remains well below its 200-day line.
On February 1, Apple beat Wall Street’s targets for its first quarter fiscal year thanks to sales of iPhone 15 devices and growth in services.
According to MacRumors and other media outlets, Apple may have generative AI capabilities (known internally as Apple GPT) available on iPhones and iPads late next year.
Meanwhile, Microsoft stock has fallen further below its notable 50-day line. The stock fell 1.3% on Friday, its lowest close since January 31st.
On January 30, Microsoft met Wall Street targets for the second quarter thanks to its strong cloud computing business.
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