It's about time that all seven of the Magnificent 7 tech stocks have reported their fourth-quarter results. But of the crowd of seven, which stock is the best and the worst positioned for 2024?
Yahoo Finance Senior Reporter Jared Blikre lays out the criteria, including single-day gains and earnings reactions, for the Magnificent Seven's stock outlook this year.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
- All seven members of the Magnificent Seven, NVIDIA, Microsoft, Meta, Alphabet, Tesla, Apple, and Amazon have reported their quarterly results. Now these stocks are responsible for the bulk of the recent market rally. Get this, accounting for 75% of the S&P 500 gains this year.
But we're going to take a step back to discuss which Mag Seven number is the best and worst position moving forward. Let's start with investor reaction to their earnings. Yahoo Finance's Jared Blikre is over at the big board with a closer look at this. Jared.
JARED BLIKRE: Thank, you, Seana. I think this chart says it all. These are the top one day market cap gains. And this got erased yesterday. NVIDIA took the number one slot for Meta. $277 billion, that was the point move yesterday.
Just crossed the $2 trillion market cap valuation threshold, only this morning trading something like $815 per share. And number two now, is meta, only, well, less than a month ago, on Groundhog's Day, Meta surprised investors and made a 20% gain. And in fact, if we take a look at all of the gains here, we have quite a bit of dispersion of results.
Meta the best off up 20%, followed by NVIDIA 16%. That was yesterday. Then, Amazon 8%. And then Apple just barely in the red. Microsoft and Alphabet also trading down.
And Tesla was the worst off down 12%. But when we take a look at the market cap reactions, we got a little bit of a different pecking order here at Alphabet. The second worst off in percent return is actually the worst in terms of market cap.
That traded down $153 billion the day after. Then we got Microsoft, Tesla, Apple alternating a little bit negative. But then Amazon up $139 billion. That doesn't even make the top five, anymore.
And then we have the two we were already talking about, Meta and NVIDIA with that $277 billion gain only yesterday. And just taking a look at some of the intraday price reactions, I thought it was pretty interesting. Here is Apple.
This is the morning and the day after that post bell announcement. And you can see we actually opened up lower than the prior day. And at the lows, Apple was down 4%, but managed to pare those gains considerably and only ended up a fractional percent down.
Also, taking a look at Tesla, you can see that was a pretty bad report for investors. And let me just get that out of the way, we can see it traded down and closed near the lows. But if I take a look at a six month view there, potentially we don't really have the support I was looking for.
I think I'm going to have to go on to Meta here. Now this is a blowout report. We had Meta up 20%. And to record highs, I just got to show you the three-year chart. After having been-- after suffering a huge decline here from over $300-- high $300 to a share to below $150, we are back up to $493. And those are NVIDIA numbers right there, at least, on its heels maybe.
