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 end 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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Banking Giants Kick Off Earnings Season Next Week
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) | +24.0% |
| Amazon | (AMZN) | +17.4% |
| Apple | (AAPL) | +0.8% |
| Meta Platforms | (META) | +34.9% |
| Microsoft | (MSFT) | +10.0% |
| Nvidia | (NVDA) | +132.2% |
| Tesla | (TSLA) | -29.1% |
Source: IBD Data As Of June 3, 2024
Magnificent Seven Stocks: Amazon Breaks Out
Amazon.com (AMZN) is breaking out past a 191.70 buy point in a flat base. Amazon rallied 1.4% Friday, further above the entry.
In late April, 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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Alphabet Hits New Highs
Google parent Alphabet (GOOGL) set new highs Friday, sharply above a 153.78 entry. The stock moved up 2.3% 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 132% year-to-date return through June 3.
Nvidia stock slipped 0.6% Friday, set to give up a part of Wednesday’s rally.
In recent weeks, 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 that took effect on June 10.
The tech titan is an IBD Leaderboard stock. Nvidia stock topped a split-adjusted handle buy point at 92.22, and shares gapped up to all-time highs. Nvidia stock also moved above a split-adjusted entry at 97.40.
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Tesla Stock Races Higher
Tesla (TSLA) edged higher Friday, set to extend a win streak to eight sessions.
In late April, 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 higher on the stock market today.
Apple stock moved up 1.7% Friday, out of buy range above a 199.62 entry and at new highs.
In early May, 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 up 1.3% in Friday’s trading, extended past a flat base’s 430.82 buy point.
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