Finance
Great Seven Stocks to Buy and Watch: Nvidia Stock Slides
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 first 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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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) | +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 Rising on Gemini Conversations
Google parent Alphabet (GOOGL) is trying to get past an entry of 153.78 this week. And the stock is back above that buy point, amid Tuesday afternoon’s gain of 0.8%.
Alphabet rose on March 18 after Bloomberg reported that Apple is in talks with Google’s parent company about licensing its “Gemini” artificial intelligence training model for use in iPhones.
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 missed some views.
Nvidia Stock leads beautiful seven
Among the Magnificent Seven shares, Nvidia (NVDA) will perform best in 2024, with a scorching 80% return through April 2.
The AI giant has extended sharply past the 505.48 buy point from a new flat base after a breakout move on January 8. Shares fell 2.7% on Tuesday. Nvidia is an IBD Leaderboard stock.
On Feb. 21, Nvidia surpassed Wall Street’s targets for its fiscal fourth quarter and topped expectations for the current period.
Nvidia’s fourth quarter report marked the third straight 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 statement press release. “Demand is rising globally across companies, industries and countries.”
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Tesla shares plummet on first-quarter deliveries
Tesla (TSLA) rose 1.8% on Tuesday, further recovering from last week’s losses.
On Jan. 24, the electric car giant said earnings fell 40% to 71 cents per share, while revenue totaled $25.17 billion, up 3.5% from the same period a year ago. Wall Street expected earnings of 73 cents per share on revenue of $25.62 billion. For 2023, Tesla’s earnings fell 23% to $3.12 per share, while revenue rose 19% to $96.77 billion versus estimates of $3.05 on revenue of $97.5 billion.
Dow Jones shares in beautiful 7: Apple, Microsoft
Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL) And Microsoft (MSFT) traded mixed on the stock market today.
Apple shares rose 0.1% on Tuesday. The shares remain below their 200-day line.
On February 1, Apple exceeded Wall Street targets for its first fiscal quarter, thanks to growth in iPhone 15 phone sales and services growth.
According to MacRumors and other outlets, Apple could have a generative AI feature – known internally as Apple GPT – available on the iPhone and iPad sometime late next year.
Meanwhile, Microsoft shares are recovering from support around the 50-day mark, a key area to watch. The stock fell 0.1% on Tuesday, staying just above new highs.
On January 30, Microsoft surpassed Wall Street targets for its second fiscal quarter thanks to strong cloud computing activities.
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