Not all Magnificent Seven stocks were created equal.
The Magnificent Seven gave investors a great rally in 2023, accounting for most of the S&P 500's gains. But their gains turned out to be more uneven than in the prior year, with a couple even entering negative territory on an annual basis.
In total, the seven stocks contributed a 53% gain to the S&P 500 through the year ended Feb. 6, 2023, according to Adam Turnquist, chief technical strategist for LPL Financial. For the year ended Feb. 5, 2024, that increased to 59.7%.
The contributions of the seven stocks has been uneven.
For the year ended Feb. 6, 2023, Apple contributed 14.3% while the other six contributed an average of 6.4%. Microsoft contributed the least at 5.2% while Alphabet contributed the most with 7.3%.
Tesla Stock Weighs S&P 500 Down In 2024
But that changed in the 52 weeks that ended on Monday.
Nvidia contributed the most with 32.8%, up from just 6.4% in the prior year, while Tesla actually weighed the index down by 12.6%. In the prior year, it contributed 7%. Meta was a distant second and helped the S&P 500 gain 15.6% followed closely by Microsoft's 14.8%.
Much of Meta's gains this year came after it reported its results for the quarter ended December on Thursday. Shares surged 20% the next day and added $204.5 billion to Meta's market cap at the close of the trading, per Dow Jones Market Data and FactSet.
Meanwhile, Amazon.com gave a 11% boost to the S&P 500 for the year ended Feb. 5, thanks to an 8% gain after quarterly results were announced Thursday.
On the other hand, Apple's contribution was a negative 4.8%. Alphabet's contribution shrank from 7.3% to 3%.
Zooming in, the differences between the leaders is more obvious: From Jan. 1, these are the gains and losses the Mag-7 are showing based on Monday's closing prices:
| Stock | % Change In 2024 |
|---|---|
| AAPL | -2.50% |
| AMZN | 12% |
| GOOGL | 2.60% |
| META | 30% |
| MSFT | 8.00% |
| NVDA | 40% |
| TSLA | -27% |
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