Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the early part of the second quarter of 2024 showed a big divergence of returns. The Magnificent Seven stocks are among the best stocks to watch on the stock market today.
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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 | (GOOGL) | +10.6% |
| Amazon | (AMZN) | +18.9% |
| Apple | (AAPL) | -12.3% |
| Meta Platforms | (META) | +40.5% |
| Microsoft | (MSFT) | +12.1% |
| Nvidia | (NVDA) | +80.6% |
| Tesla | (TSLA) | -32.9% |
Source: IBD Data As Of April 2, 2024
Magnificent Seven Stocks: Amazon Earnings
Amazon (AMZN) remains sharply out of buy range above a cup base's 145.86 buy point. Amazon rallied 4.6% Wednesday after the company's Q1 earnings report.
Late Tuesday, the e-commerce giant reported first-quarter earnings and sales that exceeded expectations, helped by strong growth for its cloud-computing and advertising businesses.
Through itsAmazon Bedrockplatform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performing foundation models (FMs) from leading AI companies likeAI21 Labs,Anthropic,Cohere,MetaandStability AI.
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Alphabet Surges On Earnings
Google parent Alphabet (GOOGL) surged to new highs last week, sharply above a 153.78 entry. Shares gained 2% Wednesday.
Late Thursday, Alphabet reported first-quarter earnings and revenue that handily beat analyst estimates. The company announced its first-ever dividend.
Alphabet surged on March 18 after Bloomberg reported that Apple is in talks with the Google parent over licensing its "Gemini" artificial intelligence training model for use in iPhones.
Nvidia Stock Leads Magnificent Seven
Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 80% year-to-date return through April 2.
The AI giant is sharply extended past a new flat base's 505.48 buy point after a Jan. 8 breakout move. Nvidia is an IBD Leaderboard stock.
Nvidia stock slashed losses to 1.7% Wednesday, still threatening to break down below its 50-day line following last week's gains. Shares are still building a new base that has a 974 buy point.
On Feb. 21, Nvidia beat Wall Street's targets for its fiscal fourth quarter and guided higher than views for the current period.
Nvidia's Q4 report marked its third straight quarter of triple-digit percentage growth in sales and earnings. And its sales growth has accelerated for the past three quarters.
"Accelerated computing and generative AI have hit the tipping point," Chief Executive Jensen Huang said in anews release. "Demand is surging worldwide across companies, industries and nations."
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Tesla Stock Surges On FSD News
Tesla (TSLA) gained 0.7% Wednesday, bouncing back from Tuesday's losses. On Monday, Tesla surged on news reports that Beijing has given preliminary approval for the electric-vehicle giant to launch its Full Self-Driving in China.
Last week, Tesla announced worse-than-expected earnings and revenue for the first quarter, with the electric-vehicle giant reporting its lowest quarterly per-share earnings since 2021. But Tesla stock soared as it signaled "more affordable" new models are still coming.
Dow Jones Stocks In Magnificent 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL)and Microsoft (MSFT) traded higher on the stock market today.
Apple stock rose 1.1% Wednesday. Shares are back below their 50-day line.
On Feb. 1, Apple beat Wall Street's targets for its fiscal first quarter, thanks to iPhone 15 handset sales and services growth.
According toMacRumors and other outlets, Apple could have a generative AI feature — internally known as Apple GPT — available on the iPhone and iPad sometime late next year.
Last week, Microsoft beat estimates for its fiscal third quarter, thanks to healthy cloud computing business. Shares rose 2.5% in Wednesday's trading, as they build a flat base with a 430.82 buy point.
Microsoft stock remains below its 50-day line, a key area to watch.
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Meta Stock Falls Below Key Level
Shares of Meta Platforms (META) dived below their 50-day line last week, plunging more than 10% after the company's earnings results. Meta stock rose 4.2% Wednesday.
Last week, Meta beat analyst expectations for both sales and earnings, but company executives gave a lighter-than-expected sales forecast for the current quarter.
META stock boasts a strong 97 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
In recent months, Chief Executive Mark Zuckerberg said that Threads is now available to users in the European Union. The Facebook parent company launched Threads as a separate app in July. It is a competitor to the Elon Musk-owned X, formerly Twitter. The European rollout wasreportedly delayedby regulatory uncertainty in the EU over the use of personal data on the app.
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