Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the first month of the fourth quarter of 2024 showed their returns diverging.
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 | +19.4% | |
| Amazon | +24.0% | |
| Apple | +21.2% | |
| Meta Platforms | +63.3% | |
| Microsoft | +13.4% | |
| Nvidia | +183.8% | |
| Tesla | +5.7% |
Source: IBD Data as of Oct. 29
Nvidia Stock Falls From Record Highs
Nvidia stock tumbled 4% Thursday, falling further from its recent all-time high. The stock is holding just above a 131.26 buy point from an irregular handle.
On Aug. 28, Nvidia beat Wall Street's targets for its fiscal second quarter and guided higher than views for the current period.
The Santa Clara, Calif.-based company earned an adjusted 68 cents a share on sales of $30.04 billion in the quarter ended July 28. Analysts polled by FactSet had expected earnings of 65 cents a share on sales of $28.74 billion. On a year-over-year basis, Nvidia earnings soared 152% while sales jumped 122%.
The tech titan is an IBD Leaderboard stock.
Magnificent Seven Stocks: Amazon Gives Up Buy Point
Amazon.com is holding above its 50-day line despite a 3.1% slide Thursday. Shares fell below a 195.37 cup-with-handle buy point.
On Aug. 1, the e-commerce giant reported mixed second quarter results. Earnings beat expectations but revenue came in short of projections, despite a stronger-than-expected contribution from Amazon's cloud computing division. The tech giant's sales forecast was also lower than expected.
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.
Nvidia Narrowly Misses Joining This Screen Of 18 Golden Gems
Tesla Stock Tumbles
Tesla skidded nearly 3% Thursday, threatening to extend a losing streak to four sessions. Shares are below a cup-with-handle base's entry at 264.86.
Last week, Tesla announced a surprise third-quarter earnings gain, with quarterly profit growing 9%, capping off a big month of announcements for the EV giant. Revenue came in light.
Dow Jones Stocks In Magnificent 7: Apple, Microsoft
Two Dow Jones names are among the Magnificent Seven: Apple and Microsoft.
Apple stock fell 1.1% Thursday, below a cup-with-handle's buy point at 233.09 and right at the 50-day line. Earnings are due out after the close.
On Aug. 1, Apple beat expectations for its fiscal third quarter thanks to record services revenue and strong iPad sales.
Meanwhile, Microsoft topped Wall Street's targets for the software giant's fiscal first quarter Wednesday on strong cloud computing business. However, Microsoft stock tumbled after the company guided below views for sales in the current quarter.
Shares moved down 5.1% in Thursday's trading, diving below the 50-day line.
Nvidia Still King, But This 'Big Daddy' Crushes All Other Mag 7 Stocks
Meta Stock Slides
Shares of Meta Platforms sold off nearly 4% Thursday after the company reported third quarter earnings ahead of expectations, powered by a 19% revenue increase. But Chief Executive Mark Zuckerberg pledged to keep up the company's big spending on artificial intelligence and the metaverse.
Shares are pulling back to their 50-day support level and Meta stock shows a 98 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
Alphabet Forms New Base
Alphabet gave back a part of Wednesday's gain, with a 1.5% slide Thursday. Shares are building a cup base with a 191.75 buy point.
On Oct. 29, Alphabet reported third-quarter earnings and revenue that topped Wall Street targets as artificial-intelligence infused internet search showed signs of boosting the core advertising business.
