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 start of 2024 has shown a big divergence of returns. The Magnificent Seven stocks are among the best stocks to buy and watch in 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)
-3.8%
Amazon
(AMZN)
+16.4%
Apple
(AAPL)
-12.2%
Meta Platforms
(META)
+44.7%
Microsoft
(MSFT)
+8.8%
Nvidia
(NVDA)
+87.1%
Tesla
(TSLA)
-28.1%
Source: IBD Data As Of March 7, 2024
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Alphabet Breaks Key Support
Google parent Alphabet (GOOGL) is building a new base, as it trades around its 50-day line after gains in recent sessions. Google stock lost 1.3% Friday, right at the key 50-day line.
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.
Google debuted its Gemini AI model on Dec. 6. However, the demo video displaying the AI’s capabilities turned out to be edited, Bloomberg reported. Google admitted the demo was created using still image frames from the footage with additional prompts via text, as well as edited to make Gemini response times appear quicker.
Nvidia Stock Leads Magnificent Seven
Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 87% year-to-date return through March 7.
The AI giant is sharply extended past a new flat base’s 505.48 buy point after a Jan. 8 breakout move. Shares dipped 0.1% Friday. Nvidia is an IBD Leaderboard stock.
On Feb. 21,…
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