The group of stocks known as the Magnificent Seven, which includes Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla, performed well in 2023 with significant gains. However, the start of the third quarter in 2024 showed a divergence in returns. These stocks are considered some of the best to watch in the current stock market.
Due to their significant market capitalizations, the Magnificent Seven stocks have a notable impact on the Nasdaq composite and S&P 500 indexes, which are weighted by market capitalization.
For more detailed information on this topic, visit IBD’s page on the Magnificent Seven stock weightings, market capitalizations, and the latest news related to these companies.
Magnificent Seven Stocks Performance
| Company Name | Symbol | 2024 YTD Performance |
|---|---|---|
| Alphabet | (GOOGL) | +24.0% |
| Amazon | (AMZN) | +28.4% |
| Apple | (AAPL) | +18.2% |
| Meta Platforms | (META) | +44.9% |
| Microsoft | (MSFT) | +20.9% |
| Nvidia | (NVDA) | +157.3% |
| Tesla | (TSLA) | -3.0% |
Source: IBD Data As Of July 12, 2024
Magnificent Seven Stocks: Amazon Below Buy Point
Amazon.com (AMZN) is below a 191.70 buy point in a flat base after recent losses. Amazon declined 2.4% Wednesday, finding resistance at its key 50-day line. A heavy volume fall through this level would be a sell signal for investors to watch.
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.
Stock Market ETF Strategy And How To Invest
Alphabet Slides On Earnings
Google parent Alphabet (GOOGL) set new highs in recent weeks, sharply above a 153.78 entry. The stock sold off 5.1% Wednesday after the company’s Q2 earnings report.
Late Tuesday, Google-parent Alphabet reported second-quarter earnings and revenue that topped analyst estimates as operating margins improved. Management also signaled higher expenses in the September quarter, curtailing margin growth.
Nvidia Stock Leads Magnificent Seven
Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 157% year-to-date return through July 12.
Nvidia stock tumbled 5.5% Wednesday, back at the 50-day moving average line, a key level to watch. A breach of that level in heavy volume would be a sell signal, while a decisive bounce would be a new buy trigger.
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.
Be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Tesla Stock Dives On Earnings
Tesla (TSLA) plunged nearly 11% Wednesday after Q2 earnings results. Shares are at their lowest level since July 1.
Electric-vehicle giant Tesla announced mixed second-quarter earnings and revenue late Tuesday. Earnings plummeted by more than 40% while sales came in above expectations.
Dow Jones Stocks In Magnificent 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL)Â and Microsoft (MSFT), traded lower on the stock market today.
Apple stock moved down 3% Wednesday, still out of buy range above a 199.62 entry. Apple hit a record high on July 15.
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 down 3.7% in Wednesday’s trading, holding above a flat base’s 430.82 buy point and back at the 50-day line.
IBD Live: A New Tool For Daily Stock Market Analysis
Please provide the content that you would like me to rewrite with HTML tags included.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
