Magnificent Seven Stocks To Buy And Watch (2024)

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. But the middle part of the second quarter of 2024 showed a big divergence of returns. The Magnificent Seven stocks are among the best stocks to watch on 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 NameSymbol2024 YTD Performance
Alphabet (GOOGL)+20.7%
Amazon (AMZN)+23.4%
Apple (AAPL)-4.9%
Meta Platforms (META)+34.5%
Microsoft (MSFT)+10.3%
Nvidia (NVDA)+81.5%
Tesla (TSLA)-32.2%
Source: IBD Data As Of May 10, 2024

Magnificent Seven Stocks: Amazon Pulls Back

Amazon.com (AMZN) remains sharply out of buy range above a cup base's 145.86 buy point. Amazon dropped 0.4% Friday, right at its 50-day line.

In recent weeks, the e-commerce giant reported first-quarter earnings and sales that exceeded expectations, helped by strong growth for its cloud-computing and advertising businesses.

Through itsAmazon Bedrockplatform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performing foundation models (FMs) from leading AI companies likeAI21 Labs,Anthropic,Cohere,MetaandStability AI.

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Alphabet Surges On Earnings

Google parent Alphabet (GOOGL) hit new highs this week, sharply above a 153.78 entry. The stock moved up 0.9% Friday.

On April 26, Alphabet reported first-quarter earnings and revenue that handily beat analyst estimates. The company announced its first-ever dividend.

Alphabet surged on March 18 after Bloomberg reported that Apple is in talks with the Google parent over licensing its "Gemini" artificial intelligence training model for use in iPhones.

Nvidia Stock Leads Magnificent Seven

Among the Magnificent Seven stocks, Nvidia (NVDA) is the top performer in 2024, with a scorching 81% year-to-date return through May 10.

Nvidia stock rallied 2% Friday, extending Thursday's 9.3% surge after the AI giant beat Wall Street's targets for its fiscal first quarter and guided higher than views for the current period. It also announced a 10-for-1 stock split.

The tech titan is an IBD Leaderboard stock. Nvidia stock topped a handle buy point at 922.20, and shares gapped up to all-time highs. Nvidia stock topped an alternative entry at 974.

Be sure to read how to adjust to changing market conditions, with IBD's new exposure levels.

Tesla Stock Surges On FSD News

Tesla (TSLA) rallied more than 3% Friday, looking to bounce back from two days of sharp losses. In recent weeks, Tesla surged on news reports that Beijing has given preliminary approval for the electric-vehicle giant to launch its Full Self-Driving in China.

On April 23, Tesla announced worse-than-expected earnings and revenue for the first quarter, with the electric-vehicle giant reporting its lowest quarterly per-share earnings since 2021. But Tesla stock soared as it signaled "more affordable" new models are still coming.

Dow Jones Stocks In Magnificent 7: Apple, Microsoft

Two Dow Jones names among the Magnificent Seven stocks, Apple (AAPL)and Microsoft (MSFT), traded higher on the stock market today.

Apple stock climbed 1.7% Friday. Shares are back above their 50- and 200-day lines and nearing a 199.62 entry.

In recent weeks, Apple narrowly beat Wall Street's estimates for its fiscal second quarter. The iPhone maker also raised its quarterly dividend and stock buyback plan.

In late April, Microsoft beat estimates for its fiscal third quarter, thanks to healthy cloud computing business. Shares moved up 0.8% in Friday's trading, as they try to break out above a flat base's 430.82 buy point.

Microsoft stock is gaining traction above its 50-day line, a key area to watch.

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Meta Stock Falls Below Key Level

Shares of Meta Platforms (META) dived below their 50-day line in recent weeks after the company's earnings results. Meta stock climbed 2.1% Friday, continuing to hold below its 50-day line.

On April 24, Meta beat analyst expectations for both sales and earnings, but company executives gave a lighter-than-expected sales forecast for the current quarter.

META stock boasts a strong 97 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.

In recent months, Chief Executive Mark Zuckerberg said that Threads is now available to users in the European Union. The Facebook parent company launched Threads as a separate app in July. It is a competitor to the Elon Musk-owned X, formerly Twitter. The European rollout wasreportedly delayedby regulatory uncertainty in the EU over the use of personal data on the app.

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Magnificent Seven Stocks To Buy And Watch (2024)

FAQs

Magnificent Seven Stocks To Buy And Watch? ›

Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet

Alphabet
Alphabet is the world's third-largest technology company by revenue and one of the world's most valuable companies. It was created through a restructuring of Google on October 2, 2015, and became the parent company of Google and several former Google subsidiaries.
https://en.wikipedia.org › wiki › Alphabet_Inc
, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the middle part of the second quarter of 2024 showed a big divergence of returns.

What is the best magnificent 7 stock to buy? ›

Performance analysis of Magnificent 7 stocks
  • Nvidia (NVDA): +239%
  • Meta Platforms (META): +194%
  • Tesla (TSLA): +102%
  • Amazon (AMZN): +81%
  • Alphabet (GOOG, GOOGL): +58%
  • Microsoft (MSFT): +57%
  • Apple (AAPL): +48%
May 7, 2024

What are the magnificent 7 stocks in 2024? ›

*Note: Share price data as of May 30, 2024.
  • Microsoft (MSFT) Microsoft named Satya Nadella as its CEO in February 2014, making him the third person to lead the software giant after Steve Ballmer and co-founder Bill Gates. ...
  • Apple (AAPL) ...
  • Nvidia (NVDA) ...
  • Alphabet (GOOGL) ...
  • Amazon (AMZN) ...
  • Meta Platforms (META) ...
  • Tesla (TSLA)
3 days ago

Do any of the magnificent 7 pay dividends? ›

Entering 2024, three Magnificent Seven constituents had been paying a dividend to their shareholders for years. Microsoft has been paying a continuous quarterly dividend since September 2004 and has seen its payout grow by more than 800% since its dividend program was first initiated.

What is the absolute best stock to buy right now? ›

The 9 Best Stocks To Buy Now
Company (Ticker)Forward P/E Ratio
Alphabet, Inc. (GOOG, GOOGL)13.2
Intuitive Surgical, Inc. (ISRG)52.2
Tapestry, Inc. (TPR)12.3
TopBuild Corp. (BLD)18.2
5 more rows
3 days ago

What is the hottest stock to invest in? ›

7 best stocks to buy now, according to analysts
CompanyAnalyst Recommendation
Delta Air Lines, Inc.1.27
Uber Technologies Inc1.29
Mondelez International Inc.1.33
Schlumberger Ltd.1.34
3 more rows
5 days ago

What stocks are most likely to double in 2024? ›

*Based on current CFRA 12-month target prices.
  • Nvidia Corp. (NVDA) ...
  • Alphabet Inc. (GOOG, GOOGL) ...
  • Meta Platforms Inc. (META) ...
  • JPMorgan Chase & Co. (JPM) ...
  • Tesla Inc. (TSLA) ...
  • Mastercard Inc. (MA) ...
  • Advanced Micro Devices Inc. (AMD) ...
  • Intuit Inc. (INTU)
4 days ago

Which stock will boom in 2024? ›

Top Long Term Stocks to Buy in 2024 Based on 5Y Avg Net Profit Margin
Stock NameSub-Sector5Y-Avg Net Profit Margin
Adani Ports and Special Economic Zone LtdPorts27.83
Divi's Laboratories LtdLabs & Life Sciences Services26.90
ITC LtdFMCG - Tobacco26.07
Bajaj Finance LtdConsumer Finance22.56
6 more rows
3 days ago

How much do Magnificent 7 stocks contribute to the S&P 500? ›

The key takeaway is that these stocks make up about 30% of the S&P 500's total weighting, although they make up just 1.6% of the stocks in the index. And because their performance has been incredibly strong, they have made the overall index's performance far better than it otherwise would have been.

Are magnificent 7 stocks overvalued? ›

Investors' concerns that the Magnificent Seven bubble may soon be about to burst could be completely unfounded, according to new analysis from JPMorgan, which argues the top-performing tech stocks are actually undervalued compared to rival stocks.

What are the 7 Wonder stocks? ›

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. But the middle part of the second quarter of 2024 showed a big divergence of returns.

Which penny stocks to buy now? ›

That being said, here are some top penny stocks to buy.
  • OPKO Health (OPK) Source: Roman Zaiets / Shutterstock.com. OPKO Health Chairman and Chief Executive Officer (CEO) Phillip Frost, M.D. ...
  • Corvus Pharmaceuticals (CRVS) Source: shutterstock.com/Champhei. ...
  • Intrusion (INTZ) Source: BeeBright / Shutterstock.
3 days ago

What is the cheapest magnificent 7 stock? ›

As a result, Apple now has the lowest P/E ratio of the Magnificent Seven stocks. Data by YCharts. And it also has the lowest P/FCF multiple at 25.

What stock pays the highest dividend? ›

Chevron (CVX) International Business Machines (IBM) and Altria Group (MO) are some of the most trending Dividend Stocks. See how they compare to other companies such as AT&T (T) and Xerox (XRX).

Can you become a millionaire from dividends? ›

So, Can You Get Rich Off Of Dividends? Dividend investing can indeed be a path to building wealth over time. By harnessing the power of compound interest and carefully selecting dividend-paying stocks, investors can create a growing stream of passive dividend income.

What is the best MLP stock? ›

  • 5 Best MLP Stocks for High Dividends.
  • Best MLPs #1: Enterprise Products Partners.
  • Best MLPs #2: Brookfield Infrastructure Partners.
  • Best MLPs #3: Cheniere Energy Partners.
  • Best MLPs #4: Plains All American Pipeline.
  • Best MLPs #5: CrossAmerica Partners.
  • Closing Thoughts on the List of MLP Stocks.

What are the best AI stocks to buy right now? ›

7 best-performing AI stocks
TickerCompanyPerformance (Year)
NVDANVIDIA Corp183.06%
AVAVAeroVironment Inc.118.35%
PRCTProcept BioRobotics Corp106.78%
HLXHelix Energy Solutions Group Inc76.36%
3 more rows
4 days ago

Is there an ETF for Magnificent 7? ›

Key Points. The Vanguard Mega Cap Growth Index Fund ETF is loaded with Magnificent Seven stocks and more. It has delivered sizzling returns and has a low annual expense ratio. The main knock against the ETF is its premium valuation.

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