Wednesday, May 1, 2024

An Update on the Magnificent Seven

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Checking in on the Magnificent Seven

Matt Benjamin, Senior Markets Expert, The Oxford Club

Matt Benjamin

Are "the Seven" still magnificent?

Back in January, I wrote about the so-called "Magnificent Seven": megacap technology companies with share prices that have soared in recent years.

These are chipmaker Nvidia (Nasdaq: NVDA), software giant Microsoft (Nasdaq: MSFT), online retailer Amazon (Nasdaq: AMZN), Google parent company Alphabet (Nasdaq: GOOG), laptop and mobile phone behemoth Apple (Nasdaq: AAPL), Facebook parent company Meta Platforms (Nasdaq: META) and carmaker Tesla (Nasdaq: TSLA).

Individually. these seven companies are important because each of them offers new technologies and innovations that have the power to alter our society and raise our standards of living. They are putting the newest technologies - ranging from artificial intelligence (AI) to cloud computing to the Internet of Things and driverless automation - to work in the products and services they offer.

Collectively, they're also important because they have powered this bull market to many new all-time highs over the past year and a half.

That makes it very worthwhile to periodically check in on how these companies and their stocks are faring in thisvolatile market. Because if they falter, it's a pretty good indication that this bull market will also stumble.

Here's how the stocks have fared year-to-date versus the S&P 500...

Discover the Data Here
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