The Magnificent Seven Stocks: A Closer Look at Their Performance in 2024
In 2023, the Magnificent Seven stocks – Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla – lived up to their name with big gains. However, the start of 2024 has shown a big divergence in returns, making them a topic of interest in the stock market today.
These large-cap stocks have a significant influence on the market-cap weighted Nasdaq composite and S&P 500 indexes due to their outsized market capitalizations. The performance of these stocks in 2024 varies, as highlighted below:
– 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
Alphabet has surged on news of talks regarding its “Gemini” artificial intelligence training model for use in iPhones. Nvidia, the top performer among the Magnificent Seven stocks, has shown remarkable growth in 2024. Tesla, on the other hand, is rebounding from recent lows.
With two Dow Jones stocks – Apple and Microsoft – also part of the Magnificent Seven, the dynamics of these stocks are worth monitoring. Apple has been making strides in its generative AI feature development, while Microsoft’s strong cloud computing business has contributed to its positive performance.
For a comprehensive analysis of the Magnificent Seven stocks, including their weightings, market capitalizations, and the latest news stories, visit IBD’s page dedicated to this topic. Stay informed and make informed investment decisions based on the performance of these influential stocks in the market.
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