The “Magnificent 7” group of stocks rallied impressively last year. and led the market from the front. However, in 2024 we haven’t seen those kind of one-dimensional moves in these mega-cap stocks. While Nvidia (NVDA) has continued its rally to become a $2 trillion company, Tesla (TSLA) and Apple (AAPL) are in the red this year. Tesla, in fact, is the worst-performing S&P 500 Index ($SPX) stock of 2024 so far, and has lost roughly a third of its market cap.
Alphabet (GOOG) stock is up just 2.4% in 2024, and is underperforming the 9.2% return of Nasdaq Composite ($NASX). Incidentally, GOOG is the worst-performing Magnificent 7 stock over the last decade. Clearly, the recent performance has been underwhelming, as well, and the stock has fallen hard after the last two earnings reports.
