Magnificent Seven Stocks To Buy And Watch: Nvidia Surges On Earnings
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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. 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) | -1.5% |
| Amazon | (AMZN) | +15.0% |
| Apple | (AAPL) | -5.9% |
| Meta Platforms | (META) | +36.1% |
| Microsoft | (MSFT) | +8.4% |
| Nvidia | (NVDA) | +59.7% |
| Tesla | (TSLA) | -19.8% |
Source: IBD Data As Of Feb. 26, 2024
Stock Market ETF Strategy And How To Invest
Alphabet Breaks Key Support
Google parent Alphabet (GOOGL) is below a 139.42 buy point in a cup with handle amid recent losses. Google stock fell 3.5% Monday, further below 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) was the top performer, with a scorching 235% year-to-date return through Dec. 15.
The AI giant is sharply extended past a new flat base’s 505.48 buy point after a Jan. 8 breakout move. Shares rallied 3.8% Monday, hitting fresh record highs. NVDA is an IBD Leaderboard…
2024-03-04 11:54:42
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