2024-03-24 07:15:00 ET
All the Magnificent Seven stocks beat the Nasdaq Composite and the S&P 500 last year. That quality, paired with each company's size, led Bank of America analyst Michael Hartnett to coin the phrase "Magnificent Seven" to refer to Microsoft , Apple , Nvidia , Alphabet , Amazon , Meta Platforms , and Tesla (NASDAQ: TSLA) . But 2024 has been entirely different.
Alphabet, Apple, and Tesla are underperforming both benchmarks, with Apple losing over 8% of its value year to date. Tesla has been the most contentious component of the Magnificent Seven because it is the worst-performing S&P stock YTD, down over 30% in less than three months. Even Boeing , whose stock tumbled following a series of high-profile maintenance issues, is doing slightly better than Tesla stock.
Nvidia is the single best-performing stock in the S&P 500, and Meta Platforms is third.
For further details see:
If the "Magnificent Seven" Is So Great, Then Why Is Tesla the Worst-Performing S&P 500 Stock in 2024?