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Apple, Microsoft, Google parent company Alphabet, Amazon, Nvidia, Meta Platforms and Tesla, also known as the Magnificent Seven stocks, lived up to their names in 2023 with big gains. But the start of the third quarter of 2024 showed a big difference in returns. The Magnificent Seven stocks are among the best stocks to watch in the stock market today.
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Small Caps stand out during the profit wave; GE, HCA Healthcare, Pentair in buy zones
Due to their outsized market capitalization, Magnificent Seven’s shares have a disproportionate influence on the market-cap-weighted Nasdaq composite and S&P 500 indexes.
For an in-depth look at this topic, check out IBD’s page on the Magnificent Seven’s weightings, market caps, and the companies’ latest news stories.
Great performance from seven stocks
| Company Name | Symbol | Performance for the full year 2024 |
|---|---|---|
| Alphabet | (GOOGL) | +24.0% |
| Amazon | (AMZN) | +28.4% |
| Apple | (AAPL) | +18.2% |
| Metaplatforms | (META) | +44.9% |
| Microsoft | (MSFT) | +20.9% |
| Nvidia | (NVDA) | +157.3% |
| Tesla | (TSLA) | -3.0% |
Source: IBD data as of July 12, 2024
Beautiful seven stocks: Amazon below buy point
Amazon.com (AMZN) is below a 191.70 buy point on a flat base after recent losses. Amazon fell 2.4% on Wednesday, finding resistance at the key 50-day line. A heavy drop in volume above this level would be a sell signal for investors to watch.
In late April, the e-commerce giant reported first-quarter profit and revenue that exceeded expectations, helped by strong growth in its cloud computing and advertising businesses.
Through his Amazon soil platform, the e-commerce and cloud giant offers a fully managed service that offers a choice of high-performing base models (FMs) from leading AI companies such as AI21 Laboratories, Anthropic, Coherent, Meta And Stability AI.
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Alphabet slides about profit
Google parent Alphabet (GOOGL) has set new highs in recent weeks, sharply above a value of 153.78. The stock sold off 5.1% on Wednesday following the company’s second-quarter earnings report.
Late Tuesday, Google parent Alphabet reported second-quarter profit and revenue that topped analyst estimates, while operating margins improved. Management also flagged higher costs in the September quarter, limiting margin growth.
Nvidia Stock leads beautiful seven
Among the Magnificent Seven shares, Nvidia (NVDA) will perform best in 2024, with a scorching 157% return through July 12.
Nvidia shares tumbled 5.5% on Wednesday, back at the 50-day moving average, a key level to watch. A break from that level on high volumes would be a sell signal, while a decisive rebound would be a new buying trigger.
In recent weeks, the stock rose after the AI giant surpassed Wall Street’s targets for the first fiscal quarter and came in above expectations for the current period. It also announced a 10-for-1 stock split that took effect on June 10.
The tech titan is an IBD Leaderboard stock. Nvidia shares topped a split-adjusted handle buy point at 92.22, and shares hit an all-time high. Nvidia stock also rose above a split-adjusted level of 97.40.
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Tesla (TSLA) fell nearly 11% on Wednesday after second-quarter earnings results. Shares are at their lowest level since July 1.
Electricity giant Tesla reported mixed second-quarter earnings and revenue late Tuesday. Profit fell by more than 40%, while turnover exceeded expectations.
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL) And Microsoft (MSFT), traded lower on the stock market today.
Apple shares fell 3% on Wednesday, still out of buy range above a trading price of 199.62. Apple hit an all-time high on July 15.
In early May, Apple narrowly beat Wall Street expectations for its second fiscal quarter. The iPhone maker also increased its quarterly dividend and stock buyback plan.
In late April, Microsoft exceeded expectations for its fiscal third quarter, thanks to healthy cloud computing activities. Shares fell 3.7% in Wednesday trading, remaining above the 430.82 buy point of a flat base and back at the 50-day line.
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