VIDEO: The Magnificent Seven Ride to The Rescue
By John Persinos
Welcome to my video presentation for Monday, April 29, in which I interpret last week's market action and provide a preview of what to expect in the week ahead. The article below is a condensed transcript; my video contains a "deeper dive" with additional details and several charts.
Last week was dominated by corporate earnings, focusing on the technology sector's "Magnificent Seven." These mega-cap tech firms have largely met or exceeded projections, contributing significantly to the S&P 500's recovery from earlier losses in April.
As the broader stock market wobbled last week due to worrisome economic data, these seven stalwarts rode in to save the day:
Alphabet (NSDQ: GOOGL); Amazon (NSDQ: GOOGL); Apple (NSDQ: AAPL); Nvidia (NSDQ: NVDA); Meta Platforms (NSDQ: META); Microsoft (NSDQ: MSFT); and Tesla (NSDQ: TSLA). In the coming days, stay focused on other Big Tech stocks, not just these seven, as further Q1 earnings releases pour in.
The Magnificent Seven returned more than 106% in 2023, doubling the NASDAQ 100's nearly 54% gain and significantly outperforming the S&P 500's 24% gain.
This year, Tesla and Apple face singular headwinds. Tesla is encountering greater competition from overseas electric vehicle makers and Apple is grappling with a shrinking market in China. Apple is expected to report earnings on May 2 after market close.
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