- The Magnificent Seven stocks, including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla, have shown a significant divergence of returns in the early part of Q2 2024.
- These stocks hold a disproportionate influence on the market-cap weighted Nasdaq composite and S&P 500 indexes due to their outsized market capitalizations.
- The performance of these stocks varies, with Nvidia leading with an 80% year-to-date return, while Tesla lags with a -32.9% return.
Explore the performance and future outlook of the Magnificent Seven stocks, including Amazon, Alphabet, Nvidia, Tesla, Apple, and Microsoft, as they navigate the stock market in Q2 2024.
Performance of the Magnificent Seven Stocks
The Magnificent Seven stocks have shown varying performance in the early part of Q2 2024. Amazon (AMZN) has shown strong growth, exceeding expectations in its Q1 earnings and sales, largely due to its cloud-computing and advertising businesses. Alphabet (GOOGL) also surged to new highs after beating analyst estimates in its Q1 report and announcing its first-ever dividend.
Nvidia: The Top Performer
Among these stocks, Nvidia (NVDA) stands out as the top performer in 2024, with an impressive 80% year-to-date return. The AI giant is extending past a new flat base’s 505.48 buy point after a breakout move in January. Despite recent losses, Nvidia’s shares remain above their key 50-day line.
Tesla’s Performance Amid FSD News
Tesla (TSLA) has experienced some turbulence, with its shares skidding 2% recently. However, the electric-vehicle giant surged above its 50-day line after receiving preliminary approval from Beijing to launch its Full Self-Driving in China. Despite reporting lower-than-expected earnings and revenue for Q1, Tesla’s stock soared as it hinted at the launch of “more affordable” new models.
Apple and Microsoft: Dow Jones Stocks in the Magnificent Seven
Apple (AAPL) and Microsoft (MSFT), two Dow Jones names among the Magnificent Seven stocks, have shown mixed performance. Apple narrowly beat Wall Street’s estimates for its fiscal Q2, while Microsoft beat estimates for its fiscal Q3, thanks to its robust cloud computing business.
Meta Platforms: Below Key Level
Meta Platforms (META) shares dived below their 50-day line after the company’s earnings results. Despite beating analyst expectations for both sales and earnings, Meta gave a lighter-than-expected sales forecast for the current quarter.
Conclusion
The Magnificent Seven stocks continue to shape the stock market landscape in 2024. With varying performance and future outlooks, these stocks offer a diverse range of investment opportunities. As the market continues to evolve, it will be interesting to see how these stocks navigate the rest of the year.
