The Magnificent Seven stocks—Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla—lived up to their names in 2023 with big gains. But the end of the second quarter of 2024 showed a stark difference in returns. The Magnificent Seven stocks are among the best stocks to watch in the market today.
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Due to their outsized market capitalizations, Magnificent Seven stocks have a disproportionate influence on the market-cap-weighted Nasdaq Composite and S&P 500 indices.
For an in-depth look at this topic, visit IBD’s page on the Magnificent Seven’s weightings, market caps, and the latest company news.
Magnificent Seven Stocks Performance
| Company Name | Symbol | Achievements to date in 2024 |
|---|---|---|
| Alphabet | (Googling) | +24.0% |
| Amazon | (AMZN) | +17.4% |
| Apple | (AAPL number) | +0.8% |
| Meta platforms | (META text) | +34.9% |
| Microsoft | (MSFT) | +10.0% |
| Nvidia | (NVDA) | +132.2% |
| Tesla | (TSLA number) | -29.1% |
Source: IBD data as of June 3, 2024
Magnificent Seven Stocks: Amazon Breaks Out
Amazon.nl (AMZN) breaks out past a 191.70 buy point into a flat base. Amazon rose 2.4% on Monday, further above its entry.
In late April, the e-commerce giant reported first-quarter profits and sales that beat expectations, helped by strong growth in its cloud computing and advertising businesses.
Through its Amazon Bedrock platform, the e-commerce and cloud giant offers a fully managed service with a choice of high-quality base models (FMs) from leading AI companies such as AI21 Labs, Anthropic, Cohere, Meta and Stability AI.
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Alphabet rises on profit
Google Parent Alphabet (GOOGL) reached new highs on June 27, well above a 153.78 entry. The stock rose 0.4% on Monday.
On April 26, Alphabet reported first-quarter earnings and revenue that beat analysts’ estimates by a wide margin. The company announced its first-ever dividend.
Alphabet’s stock soared on March 18 after Bloomberg reported that Apple is in talks with parent company Google about licensing its “Gemini” model for training artificial intelligence in iPhones.
Nvidia shares lead Magnificent Seven
Among the Magnificent Seven stocks, Nvidia (NVDA) is the best performer in 2024, with a stunning 132% return this year through June 3.
Nvidia shares rose 0.4% on Monday after starting to rally as the company hopes to end a two-day losing streak.
The stock has surged in recent weeks after the AI giant topped Wall Street’s fiscal first-quarter targets and topped expectations for the current period. It also announced a 10-for-1 stock split that took effect June 10.
The tech giant is an IBD Leaderboard stock. Nvidia shares hit a split-adjusted handle buy point at 92.22 and shares soared to record highs. Nvidia shares also moved above a split-adjusted entry at 97.40.
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Tesla shares rise faster
Tesla (TSLA) rose more than 7.5% on Monday, reaching its highest level since late January.
In late April, Tesla received a lot of attention after news broke that Beijing had given preliminary approval to the electric vehicle giant to launch its fully self-driving car in China.
On April 23, Tesla reported first-quarter earnings and revenue that were lower than expected. The electric vehicle giant reported its lowest quarterly earnings per share since 2021. But Tesla’s stock rose as the company said it was still releasing “affordable” new models.
Dow Jones Stocks in a Magnificent 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL) and Microsoft (MSFT) posted a higher trading position today.
Apple shares rose 2.8% on Monday, out of a buying range above the 199.62 level.
In early May, Apple narrowly beat Wall Street 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 a healthy cloud computing business. Shares rose 1.6% in Monday trading, pushing past a 430.82 buy point from a flat base.
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