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 middle 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.
Magnificent Seven Stocks Performance
| Company Name | Symbol | 2024 YTD Performance |
|---|---|---|
| Alphabet | (GOOGL) | +20.7% |
| Amazon | (AMZN) | +23.4% |
| Apple | (AAPL) | -4.9% |
| Meta Platforms | (META) | +34.5% |
| Microsoft | (MSFT) | +10.3% |
| Nvidia | (NVDA) | +81.5% |
| Tesla | (TSLA) | -32.2% |
Source: IBD Data As Of May 10, 2024
Magnificent Seven Stocks: Amazon Pulls Back
Amazon.com (AMZN) remains sharply out of buy range above a cup base's 145.86 buy point. Amazon fell 2.7% Friday, falling further below its key 50-day line.
In recent weeks, 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 itsAmazon Bedrockplatform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performing foundation models (FMs) from leading AI companies likeAI21 Labs,Anthropic,Cohere,MetaandStability AI.
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Alphabet Surges On Earnings
Google parent Alphabet (GOOGL) set new highs on May 20, sharply above a 153.78 entry. The stock moved down 1.2% Friday.
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.
Nvidia Stock Leads Magnificent Seven
Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 81% year-to-date return through May 10.
Nvidia stock extended Thursday's losses, falling another 2.4% Friday. Shares hit record highs on Thursday. Last week, the stock soared after the AI giant beat Wall Street's targets for its fiscal first quarter and guided higher than views for the current period. It also announced a 10-for-1 stock split.
The tech titan is an IBD Leaderboard stock. Nvidia stock topped a handle buy point at 922.20, and shares gapped up to all-time highs. Nvidia stock topped an alternative entry at 974.
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Tesla Stock Surges On FSD News
Tesla (TSLA) dropped 2% Friday, still holding above the 50-day line.
In recent weeks, Tesla surged on news reports that Beijing has given preliminary approval for the electric-vehicle giant to launch its Full Self-Driving in China.
On April 23, 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.
Dow Jones Stocks In Magnificent 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL)and Microsoft (MSFT), traded lower on the stock market today.
Apple stock fell 0.7% Friday. Shares are back above their 50- and 200-day lines and nearing a 199.62 entry.
In recent weeks, 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 late April, Microsoft beat estimates for its fiscal third quarter, thanks to healthy cloud computing business. Shares moved down 2.2% in Friday's trading, falling further below a flat base's 430.82 buy point and falling further below the 50-day line.
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Meta Stock Falls Below Key Level
Shares of Meta Platforms (META) dived below their 50-day line in recent weeks after the company's earnings results. Meta stock fell 1.9% Friday, continuing to hold below its 50-day line.
On April 24, Meta beat analyst expectations for both sales and earnings, but company executives gave a lighter-than-expected sales forecast for the current quarter.
META stock boasts a strong 97 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
In recent months, Chief Executive Mark Zuckerberg said that Threads is now available to users in the European Union. The Facebook parent company launched Threads as a separate app in July. It is a competitor to the Elon Musk-owned X, formerly Twitter. The European rollout wasreportedly delayedby regulatory uncertainty in the EU over the use of personal data on the app.
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