The Magnificent Seven, Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla, collectively have lived up to their name in 2023. Several of the megacaps could be setting up for a fantastic finish.
All of these companies, with the possible exception of Apple, are seen in some part as artificial intelligence plays, with Nvidia and Microsoft among the big leaders. Nvidia stock, Meta Platforms and Tesla, which have more than doubled in 2023, while Amazon stock and Google have run up more than 50%. Microsoft and Apple stock, the laggards of the megacap group, are up more than one-third this year.
More to the point, Tesla stock, Meta and Google stock are actionable now. Nvidia and Microsoft stock are just below early entries. Even Apple is testing a key level, with a possible early entry just above that. Only Amazon needs more extensive repair work.
With the stock market in a confirmed uptrend, can the Magnificent Seven end 2023 on a high note?
Nvidia stock and Meta are on IBD Leaderboard, with TSLA stock joining Leaderboard on Tuesday. Meta stock is on SwingTrader. MSFT stock is on IBD Long-Term Leaders. Meta, Nvidia and Tesla stock are on the IBD 50.
Magnificent Seven Stock Performance
| Company | Ticker | Market cap, in trillions | 2023 gain |
|---|---|---|---|
| Apple | AAPL | $2.79 | 37.30% |
| Microsoft | MSFT | $2.44 | 36.93% |
| Alphabet | GOOGL | $1.74 | 56.48% |
| Amazon | AMZN | $1.34 | 54.41% |
| Nvidia | NVDA | $1.13 | 213.38% |
| Tesla | TSLA | $0.84 | 114.01% |
| Meta Platforms | META | $0.83 | 167.44% |
Apple Stock
Apple stock is up 37.3% in 2023 through Oct. 10, though it's some distance from its July 19 peak of 198.23. The Dow Jones tech titan edged down 0.3% to 178.39, hitting resistance at a sliding 50-day line. Shares are rebounding from their Sept. 28 low of 167.62, just above the 200-day line.
AAPL stock has a 189.98 double-bottom buy point. Investors could use a downward-sloping trendline, currently around 182, as an early entry.
But Apple's fundamentals aren't great. The 50-day line could offer a shorting opportunity, especially if the market rally falters.
Microsoft Stock
Microsoft stock has climbed 36.9% in 2023 through Tuesday, well off its July 18 high of 366.78. After retaking the 50-day line on Friday, shares are hitting resistance at a downward-sloping trendline, which could offer an early buy point. Investors also could use 340.86 as an entry. MSFT stock has 366.78 consolidation buy point.
Microsoft earnings for fiscal Q1 2024 are set for Oct. 25.
Google Stock
Google stock has leapt 56.4% in 2023. Shares hitting an 18-month closing high on Monday, then a 52-week intraday high Tuesday before pulling back. Google stock is still actionable from the 50-day line.
Google earnings for Q3 loom Oct. 24.
Amazon Stock
Amazon stock has rallied 54.1% this year. Shares are off their 52-week high of 145.86 set on Sept. 14. On Monday, AMZN stock nudged 0.2% higher to 128.26, moving sideways for the past several sessions after skidding in late September. The e-commerce and cloud-computing giant needs to reclaim its 50-day line, coming up to its 21-day line.
Amazon earnings are on tap Oct. 26.
Nvidia Stock
Nvidia stock leads the Magnificent Seven and the S&P 500 with a 213.4% surge in 2023. NVDA stock has a new consolidation with a 502.66 buy point, based off the Aug. 24 record high. On Tuesday, shares peeked above Friday's high of 457.89, offering an early entry near the 50-day.
S&P 500: Tesla Stock
Tesla stock has leapt 114% in 2023 through Oct. 10 making it another top S&P 500 performer. Shares are modestly below the July 19 high of 299.29, which marks the top of a cup-with-handle base. The EV giant has a 278.98 official buy point, according to MarketSmith analysis.
It's been actionable from clearing the 50-day line last week. On Tuesday, shares just moved above last Thursday's high of 263.60, offering another early entry within the handle.
Keep in mind, Tesla earnings for the third quarter are due Oct. 18.
Meta Stock
Meta stock has surged 167.4% this year, the No. 2 S&P 500 performer. The Facebook and Instagram parent isn't far from its 20-month high of 326.20 set on July 28. Meta is still actionable from a 310.64 cup-with-handle buy point as well as a 312.87 entry.
Third-quarter Meta earnings are scheduled for Oct. 25.
Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
