The Magnificent Seven stocks — Amazon.com (AMZN), Apple (AAPL), Google parent Alphabet (GOOGL), Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA) — have been looking magnificent overall in November so far.
With the Nasdaq composite staging a follow-through day on Nov. 1 and the S&P 500 on Nov. 2, the Magnificent Seven are fueling the newly confirmed market rally.
The megacaps have been big winners in 2023 and are all outpacing the S&P 500’s 5.2% gain so far this month. All but Google stock is besting the Nasdaq’s 7.1% November gain. All of these stocks are major S&P 500 and Nasdaq components.
While Nvidia and Microsoft are at the forefront of the AI boom, Meta, Google and Amazon are making their own AI push, with Tesla claiming AI intentions. Apple hasn’t played up its AI aspirations, though CEO Tim Cook has said the company is “investing quite a bit.”
Apple stock, Meta Platforms, Nvidia and Microsoft are all in buy range. AMZN stock is just between buy points. Google stock, after an ugly post-earnings sell-off, is moving back into position.
Tesla stock is the only one that remains some distance from being actionable, but it reclaimed a key level Monday.
Amazon stock, Microsoft, Nvidia and Meta Platforms are on IBD Leaderboard. META stock is on SwingTrader. MSFT stock is on the IBD Long-Term Leaders list. Nvidia stock and Microsoft are on the IBD 50. MSFT stock and Meta Platforms are on the IBD Big Cap 20.
Magnificent Seven Stock Performance
|Ticker||Company||Nov. stock gain||YTD gain|
S&P 500: Apple Stock
Apple stock has rallied 8.2% so far in November. After hitting a multimonth low on Oct. 26, the iPhone giant has rebounded. Despite guiding low on holiday-quarter revenue, AAPL stock reclaimed its 50-day line on Nov. 2, as the S&P 500 had its follow-through day.
On Nov. 6, Apple stock rebounded from the 50-day line, just crossing a downward-sloping trendline, offering an early entry. Two sessions later, the Dow Jones tech titan cleared a short-term high of 182.34. Apple stock is still actionable from those entries.
Ideally, Apple stock would forge a handle before clearing its consolidation, lowering the official buy point from the current 198.23.
AAPL stock is up 42.2% so far in 2023.
One concern is growth. Apple earnings grew 13% in the fiscal fourth quarter, the second straight quarter of acceleration. But revenue has fallen for four straight quarters vs. a year earlier.
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Amazon stock set a recent bottom on Oct. 26, just before Q3 earnings. Shares rebounded on results to move just above the 50-day line by the end of last month.
In November, AMZN stock has jumped 7.1%. On the Nasdaq’s Nov. 1 FTD, shares decisively cleared the 50-day line and topped a 134.48 early entry. Amazon has kept climbing toward the official 145.86 buy point, while now slightly extended from the early entry.
The relative strength line is at a 52-week high on a weekly chart.
AMZN stock had rallied 69.8% in 2023.
Amazon sales growth has picked up modestly for the past two quarters, hitting 13% in Q3. EPS has picked up sequentially from 3 cents in Q4 2022 to 31 cents in Q1, 65 cents in Q2 and 94 cents in Q3.
Google stock is up 6.5% in November. But that followed October’s 5.2% decline, highlighted by a 9.9% dive in the week ended Oct. 27 due to disappointing Google Cloud growth.
Since then, shares have bounced back. GOOGL stock is now slightly below the 50-day line. The internet giant has a 141.22 buy point from an ungainly flat base. A decisive move above the 50-day could get Google stock above a short trendline for an early entry.
GOOGL stock has jumped 49.7% this year.
Google earnings and sales growth have picked up for the past three quarters, to 42% and 11%, respectively, in Q3.
Meta stock has run up 9.3% so far this month.
Shares bottomed on Oct. 26, following some caution about ad revenue to start the fourth quarter. But the social media chart finished well off lows.
On Nov. 1, Meta stock bounced above its 50-day line and just cleared a short trendline, offering an early entry. Shares have kept climbing. On Nov. 10, Meta reclaimed an old 326.20 buy point that investors could still use. Investors also could use the Oct. 12 high of 330.54 as an alternate entry from a short consolidation that’s fractionally too deep to qualify as a flat base.
The RS line is at a two-year high.
Meta stock has surged 173.5% in 2023, the second-biggest winner on the S&P 500 index.
Meta earnings have rebounded, thanks to rebounding ad revenue and cost controls. EPS surged 168% vs. a year earlier, the third straight quarter of rapidly accelerating growth. Sales climbed 23%, the third consecutive quarter of bigger sales gains.
Microsoft stock is up 8.4% so far in November.
Shares bottomed back in late September. On Nov. 1, MSFT stock cleared a short-term high and a trendline, offering an early entry. Shares have kept moving up. On Nov. 10, Microsoft stock cleared the 366.78 cup-base buy point.
The RS line has been hitting new highs for the past few weeks.
The one concern is that Microsoft stock is 11.2% above its 50-day line. Investors could wait to see if shares can pause for a few days, perhaps forging a high handle, letting the 50-day catch up somewhat.
MSFT stock has leapt 52.9% this year.
Microsoft earnings and sales growth have accelerated for three straight quarters, to 27% and 13%, respectively.
On Wednesday, the Dow Jones tech giant will announce its latest AI advancements at its Ignite 2023 event on Wednesday. There have been reports that Microsoft could unveil its own AI chip to ease its dependence on Nvidia GPUs.
Microsoft Notches Record High Ahead Of AI News
Nvidia stock has sprinted 19.2% so far in November.
Shares bottomed on Oct. 31, hitting a five-month low but finishing near session highs. Since then, NVDA stock has risen every day in November.
On Nov. 3, the AI chip leader reclaimed its 50-day line. On Nov. 8, Nvidia stock cleared a downward-sloping trendline, offering an early entry. On Nov. 10, shares closed above a 476.09 double-bottom buy point.
The RS line is at a record high.
The one concern with Nvidia’s stock chart is that the recent rally has come on below-average volume. Nov. 9 was the first up day in strong volume in more than two months, and the stock closed near session lows.
NVDA stock has skyrocketed 233.7% in 2023, the top performer in the S&P 500 this year.
Nvidia growth is skyrocketing. Earnings shot up 429% in fiscal Q2, with revenue soaring 101%. Investors are likely hoping for another beat-and-raise report for the third quarter, due Nov. 21.
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S&P 500: Tesla Stock
Tesla stock has rebounded 11.4% in November, second only to Nvidia among the Magnificent Seven. But that follows three monthly declines, including October’s 19.7% plunge.
Shares bottomed on Oct. 31, closing higher that day. For a few days, TSLA stock traded around its 200-day line, but never decisively cleared it.
Shares fell back sharply on Nov. 9 before a modest bounce the following session. TSLA stock reclaimed its 200-day line on Nov. 13, also closing above its 21-day line for the first time in a month.
The EV giant is the only Magnificent Seven stock that isn’t in buy range or close to being so. The RS line is just above five-month highs.
TSLA stock has jumped 81.6% this year, making it one of the top S&P 500 performers.
Tesla earnings tumbled 37% in the third quarter to 66 cents a share, the lowest level in two years. Revenue growth slowed to just 9%. Fourth-quarter and full-year earnings are expected to fall solidly. A Cybertruck delivery event will take place Nov. 30, but CEO Elon Musk has made it clear that vehicle won’t be a financial positive for quite some time.
Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
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