The Magnificent Seven stocks — Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla — continue to drive the new market rally. And AMZN, META, MSFT and NVDA keep on making their presence felt on IBD Leaderboard as they fuel new setups in the nascent uptrend.
Fantasy sports and betting powerhouse DraftKings also makes this exclusive list of top stocks to watch. DKNG stock popped onto IBD Leaderboard as it cleared a trendline at the 30-31 level following its quarterly earnings report. Buliding on a more-than 16% gain Friday, DraftKings added another 4% Monday, again in heavy trade.
As Amazon, Nvidia and the other Magnificent Seven stocks build steam, ServiceNow makes the Leaderboard list as it tests a breakout past a 607.90 buy point, closing Monday's session just above that entry. Fellow enterprise software play Salesforce earns a spot on the IBD Leaderboard watchlist.
Demand For Magnificent Seven Stocks Fuels Leaderboard
A crucial driver of a stock's performance is institutional demand — heavy buying by mutual funds and other large investors. The presence of the Magnificent Seven stocks and other names on IBD Leaderboard highlight that key factor.
Last month's list of new buys by the best mutual funds showcased current Leaderboard members Meta and Nvidia stocks, as well as Ollie's Bargain Outlet, Zscaler and Eli Lilly.
In the November report, which comes out on Friday, Amazon made a triumphant return following a long absence. Top money managers scooped up more than $16 billion worth of shares in Amazon stock.
Magnificent Seven Stocks: Latest News & Market Cap Weighting
AMZN, MSFT, NVDA Among Leaderboard Stocks Eyeing Bullish Breakouts
With a new market uptrend underway and earnings in the bag for most these companies, several IBD Leaderboard stocks are exploring new buy points and buy zones, including OLLI, SHOP and CRM as well as the following Magnificent Seven stocks.
Magnificent Seven Stocks: Amazon At Top Of Buy Zone
In addition to new setups by DraftKings and ServiceNow, Amazon stock is clearing a double-bottom base showing a 134.48 entry. The mega cap's base is shorter than the minimum length of seven weeks, but just by one day. Yet Amazon has shaken off that flaw and now trades near the top of its buy range, which extends to 141.20.
Nvidia stock recently cleared a shakeout + 3 entry near 440-445 and bounced back above its 50-day moving average. A new double bottom continues to form, which may produce another buy point at 476.09. A trendline could also offer an new entry.
On Monday, Nvidia was featured as the IBD Stock Of The Day.
Note that the graphics and artificial intelligence chip stock powerhouse is on tap to report earnings Nov. 21.
Microsoft Stock Crafts New Handle
Joining fellow Magnificent Seven stocks in riding the market's up bullish action, Microsoft has climbed well past an aggressive entry at 340.86. MSFT stock is also forming a new handle buy point with its relative strength line back on the upswing. The current formation is an early stage pattern, giving it a higher likelihood of success. Microsoft earns a spot on the IBD Long-Term Leaders list.
Meta Stock Retakes 50-Day Line
Meta stock briefly cleared a 326.20 buy point in a flat base ahead of earnings, but that breakout failed to gain traction. After dropping below its 50-day moving average on earnings on Oct. 25, the Facebook, Instagram and WhatsApp parent quickly bounced back to retake that benchmark line.
The social network has begun a strong turnaround in earnings after earlier announcements of job cuts. In its latest report, Meta posted earnings per share of $4.39, a 168% gain over the prior-year quarter. Sales growth also accelerated, jumping 23% to $34.1 billion for the period.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
