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 first 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 Hits New High
Amazon (AMZN) is sharply out of buy range above a cup base's 145.86 buy point. The stock is breaking down below its 50-day line, as shares fell 3% Friday.
In early February, Amazon reported quarterly results, beating expectations for both earnings and revenue.
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 Gemini Talks
Google parent Alphabet (GOOGL) is trying to break out past a 153.78 entry. And the stock is right at that buy point amid Friday's loss of 1.6%.
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.
On Jan. 30, Alphabet reported fourth-quarter earnings and revenue that topped analyst estimates. But shares tumbled as the search giant's core advertising business slightly missed views.
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. Shares dived 9.8% Friday, giving up support at their 50-day line. Nvidia is an IBD Leaderboard stock.
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 Slides
Tesla (TSLA) dropped 2.2% Friday, threatening to extend a five-day losing streak. The stock hit a new 52-week low.
On Jan. 24, the electric-vehicle giant said that earnings fell 40% to 71 cents per share while revenue totaled $25.17 billion, up 3.5% vs. the year-ago period. Wall Street expected earnings of 73 cents a share on revenue of $25.62 billion. For 2023, Tesla earnings fell 23% to $3.12 a share while revenue increased 19% to $96.77 billion vs. estimates of $3.05 on sales of $97.5 billion.
Dow Jones Stocks In Magnificent 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL)and Microsoft (MSFT) traded lower on the stock market today.
Apple stock fell 1.3% Friday. Shares remain below their 200-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.
Meanwhile, Microsoft stock is trying to stem recent losses below its 50-day line, a key area to watch. The stock moved down 1.3% Friday, further below the 50-day line.
On Jan. 30, Microsoft beat Wall Street's targets for its fiscal second quarter thanks to strong cloud computing business.
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Meta Stock Nears New Highs
Shares of Meta Platforms (META) are pulling back to their 50-day line after new highs in recent weeks. Meta stock dropped 4.9% Friday.
In early February,Meta reported better-than-expected fourth-quarter earnings and announced plans for its first-ever dividend.
META stock boasts 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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