Dubbed the Magnificent Seven, Apple, Microsoft, Alphabet, parent company of Google, Amazon, Nvidia, Meta Platforms and Tesla, lived up to their name in 2023 with significant gains. But the start of the second quarter of 2024 showed a big divergence in yields. Stocks of the Magnificent Seven are among the best stocks to watch in the market. stock 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 and S&P 500 Composite Indices.
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Magnificent performance of the seven stocks
| Company Name | Symbol | Performance since the start of 2024 |
|---|---|---|
| Alphabet | (GOOGLE) | +20.7% |
| Amazon | (AMZN) | +23.4% |
| Apple | (AAPL) | -4.9% |
| Metaplatforms | (META) | +34.5% |
| Microsoft | (MSFT) | +10.3% |
| Nvidia | (NVDA) | +81.5% |
| You’re here | (TSLA) | -32.2% |
Source: MII data as of May 10, 2024
Seven Magnificent Stocks: Amazon Profits
Amazon.com (AMZN) remains clearly outside the buying range above a cup base 145.86 point of purchase. Amazon fell 0.7% on Monday, just off new highs.
These last weeksThe e-commerce giant reported better-than-expected first-quarter profits and sales, helped by strong growth in its cloud computing and advertising businesses.
Thanks to his Amazonian base platform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performance Core Models (FM) from leading AI companies like AI21 Laboratories, Anthropic, Join, Meta And Stability AI.
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Alphabet increases its profits
Parent Google Alphabet (GOOGLE) has reached new highs in recent weeks, significantly above the entry level of 153.78. Shares fell 0.4% on Monday.
On April 26, Alphabet released its first quarter results and revenues that far exceed analyst estimates. The company announced its first-ever dividend.
Alphabet surged on March 18 after Bloomberg reported that Apple is in talks with Google’s parent company over licensing its “Gemini” artificial intelligence training model for use on iPhones.
Nvidia stock leads the Magnificent Seven
Among the Magnificent Seven, Nvidia (NVDA) is the best performer in 2024, with a scorching 81% year-to-date return through May 10.
Nvidia, a MII classification stock, climbed 0.5% on Monday, looking to add to Friday’s gains. Stocks remain above their 50-day line. The stock is building a new base that has a 974 buy point.
February 21, Nvidia beat Wall Street targets for its fourth fiscal quarter and guided higher than guidance for the current period.
Nvidia’s fourth-quarter report marked its third consecutive quarter of triple-digit sales and profit growth. And its sales growth has accelerated over the past three quarters.
“Accelerated computing and generative AI have reached a tipping point,” Chief Executive Officer Jensen Huang said in a statement. Press release. “Demand is increasing all over the world, across companies, sectors and countries.”
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Tesla shares rise on FSD news
You’re here (TSLA) rebounded 1.9% on Monday, seeking to end a four-day losing streak. In recent weeks, Tesla has exceeded its 50-day mark. the news that Beijing has given preliminary approval to the electric vehicle giant to launch its fully autonomous driving system in China. But stocks have fallen back below that key level after last week’s losses.
On April 23, Tesla announced worse than expected earnings and revenue for the first quarter, as the electric vehicle giant reported its lowest quarterly earnings per share since 2021. But Tesla shares soared as it reported that new, “more affordable” models were still at hand. come.
Dow Jones Stocks in Magnificent 7: Apple, Microsoft
Two Dow Jones Names among the Magnificent Seven, Apple (AAPL) And Microsoft (MSFT), negotiated in a mixed manner on the stock market today.
Apple broth rose 2.1% Monday afternoon. Stocks are back above their 50 and 200 day lines.
These last weeks, Apple narrowly beat Wall Street estimates for its fiscal second quarter. The iPhone maker also increased its quarterly dividend and stock buyback plan.
End of April, Microsoft beat estimates for its fiscal third quarter, thanks to healthy cloud computing business. Shares fell 0.1% in Monday trading as they build a flat base with a 430.82 buy point.
Microsoft stock is at its 50-day line, a key area to watch.
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