Shares of Apple, Microsoft, Google parent company Alphabet, Amazon, Nvidia, Meta Platforms and Tesla, also known as the “Magnificent Seven,” lived up to their name in 2023 with big gains. But the first quarter of 2024 showed large differences in returns. Magnificent Seven stocks are among the best stocks to watch today.
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Because of their outsized market capitalization, Magnificent Seven shares have a disproportionate impact on the Nasdaq Composite and S&P 500 market capitalization-weighted indices.
For more information on this topic, visit IBD’s Magnificent Seven weightings, market capitalization and company news page.
Great performance from the seven stocks
| Company Name | symbol | Performance since the beginning of 2024 |
|---|---|---|
| alphabet | (GOOGL) | +10.6% |
| Amazon | (AMZN) | +18.9% |
| Apple | (AAPL) | -12.3% |
| Metaplatforms | (META) | +40.5% |
| Microsoft | (MSFT) | +12.1% |
| Nvidia | (NVDA) | +80.6% |
| Tesla | (TSLA) | -32.9% |
Source: IBD data as of April 2, 2024
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Alphabet rises in twin conversations
Google parent alphabet (GOOGL) is trying to break out above an entry of 153.78. And the stock is above that buy point given Wednesday’s 0.1% rise. Google earnings come late Thursday.
Alphabet jumped on March 18 after Bloomberg reported that Apple was negotiating with Google parent company to license its “Gemini” artificial intelligence training model for use in iPhones.
On January 30, Alphabet reported fourth-quarter earnings and revenue that beat analysts’ 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 are Nvidia (NVDA) is the top performer in 2024 with a blistering 80% year-to-date return through April 2nd.
The AI giant has risen well above the 505.48 buy point to a new flat base after a breakout on January 8th. Last week, shares plummeted, falling below their 50-day line. Nvidia shares fell 3.9% on Wednesday, giving back some of this week’s gains. Nvidia is an IBD leaderboard.
On February 21, Nvidia beat Wall Street’s targets for the fiscal fourth quarter and came in ahead of expectations for the current period.
Nvidia’s Q4 report marked the third consecutive quarter of triple-digit percentage growth in revenue and profit. And revenue growth has accelerated over the past three quarters.
“Accelerated computing and generative AI have reached the tipping point,” CEO Jensen Huang said in a press release. “Demand is increasing worldwide in all companies, industries and countries.”
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Tesla shares rise on earnings
Tesla (TSLA) rose 11% on Wednesday, rebounding from this week’s 52-week low.
Late Tuesday, Tesla reported worse-than-expected first-quarter earnings and revenue, with the electric vehicle giant reporting its lowest quarterly earnings per share since 2021. But Tesla shares rose sharply as it signaled that new models were still coming.
Dow Jones stocks in 7th place: Apple, Microsoft
Two Dow Jones names among the “Magnificent Seven” stocks: Apple (AAPL) and Microsoft (MSFT) traded higher on the stock market today.
Apple shares rose 0.9% on Wednesday. Shares remain well below their 200-day line.
On February 1, Apple beat Wall Street’s fiscal first-quarter targets thanks to sales and services growth of iPhone 15 handsets.
According to MacRumors and other sources, Apple could make a generative AI feature — known internally as Apple GPT — available on the iPhone and iPad sometime late next year.
Meanwhile, Microsoft stock remained below its 50-day line last week, an important area to watch. The stock rose 0.2% on Wednesday.
Earnings are due on Thursday after the market closes.
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