Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the start of the fourth quarter of 2024 showed their returns diverging and the whole group came under selling in recent months before rebounding.

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.

Source: IBD Data as of Oct. 1

Nvidia stock rallied 2.2% Monday, moving closer to a new high. The stock is above a 131.26 buy point from an irregular handle.

In recent weeks, Nvidia beat Wall Street's targets for its fiscal second quarter and guided higher than views for the current period.

The Santa Clara, Calif.-based company earned an adjusted 68 cents a share on sales of $30.04 billion in the quarter ended July 28. Analysts polled by FactSet had expected earnings of 65 cents a share on sales of $28.74 billion. On a year-over-year basis, Nvidia earnings soared 152% while sales jumped 122%.

Nvidia stock is having a strong year, and soared 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 that took effect on June 10.

The tech titan is an IBD Leaderboard stock.

Amazon.com () is back above its 50-day line and approaching a 195.37 cup-with-handle buy point following recent gains. Shares dipped 0.2% Monday.

In late July, the e-commerce giant reported mixed second quarter results.

Earnings beat expectations but revenue came in short of projections, despite a stronger-than-expected contribution from Amazon's cloud computing division. The tech giant's sales forecast was also lower than expected.Pune Wealth Management

Through its Amazon Bedrock platform, the e-commerce and cloud giant provides a fully managed service offering a choice of high-performing foundation models (FMs) from leading AI companies like AI21 Labs, Anthropic, Cohere, Meta and Stability AI.

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Tesla () bounced 0.7% Monday, looking to cut into losses from Friday's dive. Shares are building a cup-with-handle base with an entry at 264.86.

On July 23, Tesla announced mixed second-quarter earnings and revenue. Earnings plummeted by more than 40% while sales came in above expectations.

Two Dow Jones names are among the Magnificent Seven: Apple () and Microsoft ().

Apple stock rose 1.2% Monday, closing in on a cup-with-handle's buy point at 232.92.Hyderabad Wealth Management

In recent weeks, Apple beat expectations for its fiscal third quarter thanks to record services revenue and strong iPad sales.

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Shares of Meta Platforms () hit new highs last week, further above a 544.23 alternative entry. They climbed 0.7% Monday.

On July 31, Meta reported strong second quarter earningsUdabur Investment. Meta posted better-than-expected growth for the Facebook parent company's advertising business, buying more time for Chief Executive Mark Zuckerberg's expensive AI vision.

Meta stock shows a 94 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.

Alphabet () regained its 50-day line in recent sessions. Shares rose 0.8% Monday.

On July 23, Google parent Alphabet reported second-quarter earnings and revenue that topped analyst estimates as operating margins improvedNagpur Stock. Management also signaled higher expenses in the September quarter, curtailing margin growth.Chennai Stock

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