‘Magnificent Seven’ stocks exceed $15 trillion market cap for the first time
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The Magnificent Seven stocks reached a new milestone, totaling a $15 trillion market capitalization for the first time in history. In finance, the moniker refers to Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Meta (NASDAQ: META), and Tesla (NASDAQ: TSLA)—the seven high-performing technology stocks. As reported by The Kobeissi Letter on June 15, the stock market category officially exceeded the $15 trillion market cap. Notably, the report highlights a $2 trillion surge in the last two months alone, representing 13% of the combined capitalization. Moreover, the post mentions a 60% rally year-over-year for the Magnificent Seven. In contrast, the other 493 stocks from the S&P 500 (NYSE: SPY) experienced only a 20% 12-month surge. Together, the Magnificent Seven valuation equals half the United States’ $28 trillion gross domestic product (GDP). This helps to evidence the group’s relevancy for the U.S. economy and the remarkable growth of the tech sector. Magnificent Seven performance year-to-date As of this writing, here is each stock’s year-to-date (YTD) performance that composes the Magnificent Seven on NASDAQ. First, Microsoft closed June 14’s Friday at $442.57, up 19.33% year-to-date with a $3.29 trillion market cap. Apple closed at $212.49, up 14.46% YTD, slightly behind MSFT with a $3.26 trillion capitalization. Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL) YTD charts. Source: Google Nvidia (NVDA) stock performance in 2024 Interestingly, NVDA was the best performer, with nearly 174% gains since January 2, trading at $131.88 per share. Nvidia also became the third most valuable stock in the world, valued at $3.24 trillion, surpassing the other four. Nvidia (NASDAQ: NVDA) YTD price chart. Source: Finbold The last four stocks of the Magnificent Seven: GOOGL, AMZN, META, TSLA Alphabet, Amazon, and Meta rallied 27.8%, 22.5%, and 45.6%, respectively. They closed Friday with a…
Filed under: News - @ June 16, 2024 11:06 am