Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla are called the Magnificent Seven of the stock market although the original Magnificent Seven referred to a movie in the sixties that had several celebrity stars. These high-profile stocks make up a large market cap of the S&P 500 and investors are waiting for their quarter reports that are due in the next few weeks. Tesla reported less than impressive results last week and its share price fell sharply.
The Magnificent Seven replaced the earlier FAANG—Facebook (now called Meta), Apple, Amazon, Netflix (not in the Magnificent Seven) and Google (now called Alphabet).
Although Netflix is not part of the Seven, it faced a surge of more than 16 percent in price, after its recent quarter report while Tesla saw a 15 percent fall after its less than impressive third quarter report.
The following companies in the Magnificent Seven will be reporting their third quarter results in the next week: Microsoft, Alphabet, Amazon and Meta, while Apple and Nvidia will report their quarter results in early November.
Investors are waiting to see if these big tech companies that make up more than 25 percent of the S&P will report good results. Earlier in October, LSEG Datastream said that the combined market capitalization of these seven companies was more than 30 percent of the overall market value of the S&P 500.
The Magnificent Seven reported good results in the first six months of the year after the surge of interest in artificial intelligence (AI). Investors are waiting to see if their stock values increase or if these stocks are overpriced and will face a downward revision.
The yield on the benchmark 10-year US Treasury has risen. It is at 4.94 percent, which is its highest yield since July 2007. If the Magnificent Seven perform below par, investors now have other viable alternatives, especially if they report performance at levels similar to Tesla.
Apple has reportedly seen a slump in demand for its iPhone 15, while Meta and Alphabet are facing transparency, antitrust issues and more. This quarter results are important for the Magnificent Seven, and their current performance might be the benchmark by which investors continue to repose faith in their value or not.
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CWEB News Summarized Breaking, Business and Stock Newsletter October 24, 2023
