Where Can the Magnificent Seven Stocks Go in 2024?

The Magnificent Seven have been driving stock returns. Here, we take a close look at the mega-cap hotshots to see what's next.

a group of cowboys on horses in a field heading off into the sunset
(Image credit: Getty Images)

In the film The Magnificent Seven, seven gunslingers help a band of simple townsfolk overcome an army of baddies (worth watching if you haven't already – either version). But that's not the group that concerns us here. Instead, it's the stocks of mega-size companies – Alphabet (GOOGL), Amazon.com (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA) – that have soared in price over the past year, propelling the broad market to double-digit returns. These seven aren't battling villains, but they have armed investor portfolios with lots of extra dollars. 

Since the start of 2023, the Magnificent Seven stocks, or the Magnificent 7 stocks as it's sometimes written, which top the S&P 500 index, have gained a cumulative average of 107%. The benchmark, by comparison, is up 26% over the same period. "Triple-digit returns are not unusual in the land of risky small-cap companies," says Scott Opsal, director of research and equities at Leuthold Group, "but for the very top of the S&P 500 market-cap ranking to gain 100% is another thing altogether." 

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Nellie S. Huang
Senior Associate Editor, Kiplinger's Personal Finance

Nellie joined Kiplinger in August 2011 after a seven-year stint in Hong Kong. There, she worked for the Wall Street Journal Asia, where as lifestyle editor, she launched and edited Scene Asia, an online guide to food, wine, entertainment and the arts in Asia. Prior to that, she was an editor at Weekend Journal, the Friday lifestyle section of the Wall Street Journal Asia. Kiplinger isn't Nellie's first foray into personal finance: She has also worked at SmartMoney (rising from fact-checker to senior writer), and she was a senior editor at Money.