The Magnificent Seven stocks — Amazon.com, Apple, Google parent Alphabet, Meta Platforms, Microsoft, Nvidia and Tesla — have been looking magnificent overall in November so far.
With the Nasdaq composite staging a follow-through day on Nov. 1 and the S&P 500 on Nov. 2, the Magnificent Seven are fueling the newly confirmed market rally.
The megacaps have been big winners in 2023 and are all outpacing the S&P 500's 7.6% gain so far this month. All are up at least 9%, though Amazon, Microsoft and Google stock are just lagging the Nasdaq's 9.9% November gain. All of these stocks are major S&P 500 and Nasdaq components.
While Nvidia and Microsoft are at the forefront of the AI boom, Meta, Google and Amazon are making their own AI push, with Tesla claiming AI intentions. Apple hasn't played up its AI aspirations, though CEO Tim Cook has said the company is "investing quite a bit."
Nvidia earnings and chaos over OpenAI could be catalysts for many of the Magnificent Seven 7 stocks in the coming week.
Meta Platforms, Nvidia and Microsoft are all in buy range. Apple and AMZN stock are between buy points. Google stock, after an ugly post-earnings sell-off, is moving back into position.
Tesla stock is the only one that remains some distance from being actionable, but it's reclaimed a key level and fighting for another.
Amazon stock, Microsoft, Nvidia and Meta Platforms are on IBD Leaderboard. META stock is on SwingTrader. MSFT stock is on the IBD Long-Term Leaders list. Nvidia stock and Microsoft are on the IBD 50. MSFT stock and Meta Platforms are on the IBD Big Cap 20.
Magnificent Seven Stock Performance
| Ticker | Company | Nov. stock gain | YTD gain |
|---|---|---|---|
| AAPL | Apple | 11.1% | 46.0% |
| AMZN | Amazon | 9.1% | 72.8% |
| GOOGL | 9.1% | 53.4% | |
| META | Meta Platforms | 11.2% | 178.4% |
| MSFT | Microsoft | 9.4% | 54.2% |
| NVDA | Nvidia | 20.9% | 237.3% |
| TSLA | Tesla | 16.7% | 90.2% |
| Nasdaq | 9.9% | 35.0% | |
| S&P 500 | 7.6% | 17.6% |
S&P 500: Apple Stock
Apple stock has rallied 1.1% so far in November. After hitting a multimonth low on Oct. 26, the iPhone giant has rebounded. Despite guiding low on holiday-quarter revenue, AAPL stock reclaimed its 50-day line on Nov. 2, as the S&P 500 had its follow-through day.
On Nov. 6, Apple stock rebounded from the 50-day line, just crossing a downward-sloping trendline, offering an early entry. Shares have continued higher toward its early September high, much like the Nasdaq and S&P 500. Apple is currently extended from the early entry and some distance from the official buy point of 198.23. Ideally, Apple stock would forge a handle before clearing its consolidation.
AAPL stock is up 46% so far in 2023.
One concern is growth. Apple earnings grew 13% in the fiscal fourth quarter, the second straight quarter of acceleration. But revenue has fallen for four straight quarters vs. a year earlier.
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Amazon Stock
Amazon stock set a recent bottom on Oct. 26, just before Q3 earnings. Shares rebounded on results to move just above the 50-day line by the end of last month.
In November, AMZN stock has jumped 7.1%. On the Nasdaq's Nov. 1 FTD, shares decisively cleared the 50-day line and topped a 134.48 early entry. Amazon is now slightly extended from the early entry and flirting with the official 145.86 buy point,.
The relative strength line is at a 52-week high on a weekly chart.
AMZN stock had rallied 72.8% in 2023.
Amazon sales growth has picked up modestly for the past two quarters, hitting 13% in Q3. EPS has picked up sequentially from 3 cents in Q4 2022 to 31 cents in Q1, 65 cents in Q2 and 94 cents in Q3.
Google Stock
Google stock is up 9.1% in November. But that followed October's 5.2% decline, highlighted by a 9.9% dive in the week ended Oct. 27 due to disappointing Google Cloud growth.
Since then, shares have bounced back. GOOGL stock is now slightly above the 50-day line. The internet giant has a 141.22 buy point from an ungainly flat base. Clearing the Nov. 16 high of 137.22 would give Google stock an early entry.
GOOGL stock has jumped 53.4% this year.
Google earnings and sales growth have picked up for the past three quarters, to 42% and 11%, respectively, in Q3.
Meta Stock
Meta stock has run up 11.2% so far this month.
Shares bottomed on Oct. 26, following some caution about ad revenue to start the fourth quarter. But the social media chart finished well off lows.
On Nov. 1, Meta stock bounced above its 50-day line and just cleared a short trendline, offering an early entry. On Nov. 10, Meta reclaimed an old 326.20 buy point that investors could still use. Shares have also topped an alternate entry of 330.54.
The RS line is at a two-year high.
Meta stock has surged 178.4% in 2023, the second-biggest winner on the S&P 500 index.
Meta earnings have rebounded, thanks to rebounding ad revenue and cost controls. EPS surged 168% vs. a year earlier, the third straight quarter of rapidly accelerating growth. Sales climbed 23%, the third consecutive quarter of bigger sales gains.
Microsoft Stock
Microsoft stock is up 9.1% so far in November.
Shares bottomed back in late September. On Nov. 1, MSFT stock cleared a short-term high and a trendline, offering an early entry. Shares have kept moving up. On Nov. 10, Microsoft stock cleared the 366.78 cup-base buy point.
The RS line has been hitting new highs.
One concern is that Microsoft stock is 10% above its 50-day line, even after essentially pausing last week. Investors could wait to see if shares can pause for a few days, perhaps forging a high handle, letting the 50-day catch up somewhat.
MSFT stock has leapt 54.2% this year.
Microsoft earnings and sales growth have accelerated for three straight quarters, to 27% and 13%, respectively.
Last week, the Dow Jones tech giant announced an AI chip at its Ignite 2023 event to its dependence on Nvidia and others.
Shortly before Friday's board, OpenAI's board ousted Sam Altman as CEO. OpenAI, creator of ChatGPT, apparently didn't tell Microsoft and other key investors. Over the weekend, they were demanding Altman's return.
MSFT stock fell Friday in large part on the OpenAI chaos.
Futures: 6 AI Stocks Near Buy Points
Nvidia Stock
Nvidia stock has sprinted 20.9% so far in November.
Shares bottomed on Oct. 31, hitting a five-month low but finishing near session highs. Since then, NVDA stock has risen every day in November.
On Nov. 3, the AI chip leader reclaimed its 50-day line. On Nov. 8, Nvidia stock cleared a downward-sloping trendline, offering an early entry. On Nov. 10, shares closed above a 476.09 double-bottom buy point.
The RS line is at a record high.
The one concern with Nvidia's stock chart is that the recent rally has come on below-average volume.
NVDA stock has skyrocketed 237.3% in 2023, the top performer in the S&P 500 this year.
Nvidia growth is skyrocketing. Earnings shot up 429% in fiscal Q2, with revenue soaring 101%.
Investors are likely hoping for another beat-and-raise report for the third quarter, due Tuesday night.
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S&P 500: Tesla Stock
Tesla stock has rebounded 16.7% in November, second only to Nvidia among the Magnificent Seven. But that follows three monthly declines, including October's 19.7% plunge.
Shares bottomed on Oct. 31, closing higher that day. TSLA stock reclaimed its 200-day line on Nov. 13, also closing above its 21-day line for the first time in a month.
Shares sprinted to above the 50-day line a few days later, but pulled back to end the week between the two levels.
TSLA stock has a 278.98 double-bottom buy point. There's a possible trendline entry, currently around 255.
TSLA stock has jumped 90.2% this year, making it one of the top S&P 500 performers.
Tesla earnings tumbled 37% in the third quarter to 66 cents a share, the lowest level in two years. Revenue growth slowed to just 9%. Fourth-quarter and full-year earnings are expected to fall solidly.
A Cybertruck delivery event will take place Nov. 30, but CEO Elon Musk has made it clear that vehicle won't be a financial positive for quite some time. A top executive said last week that just 10 Cybertrucks will be handed over on Nov. 30.
Meanwhile, Musk's recent posts on X, driving away big advertisers, threatens to tarnish the Tesla brand.
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