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.
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 Earnings
Amazon.com (AMZN) remains sharply out of buy range above a cup base's 145.86 buy point. Amazon fell 0.7% Monday, just off new highs.
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) surged to new highs in recent weeks, sharply above a 153.78 entry. Shares dropped 0.4% Monday.
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, an IBD Leaderboard stock, climbed 0.5% Monday, looking to add to Friday's gains. Shares remain above their 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 anews release. "Demand is surging worldwide across companies, industries and nations."
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Tesla Stock Surges On FSD News
Tesla (TSLA) rebounded 1.9% Monday, looking to snap a four-day losing streak. In recent weeks, 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. But shares are back below that key level following last week's losses.
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 mixed on the stock market today.
Apple stock rose 2.1% Monday afternoon. Shares are back above their 50- and 200-day lines.
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 lost 0.1% in Monday'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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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 dropped 2% Monday.
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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