Magnificent 7′ stocks make up close to $ 11 trillion in market capitalisation, half of US GDP
In a remarkable turn of events, the combined market capitalization of the Magnificent Seven soared to an astounding $11.7 trillion. This surge was ignited by a vibrant market rally fueled by subdued inflation data, marking a significant financial feat.
A substantial uptick in the stock market on Tuesday saw the Magnificent Seven, spearheaded by technology giants Tesla Inc. and Apple Inc., amass over $190 billion in added market value, as depicted by Getty Images.
SPX +1.91% NDX +2.13% GOOGL +1.16% GOOG +1.34% AMZN +2.25% AAPL +1.43% META +2.16% MSFT +0.98% NVDA +2.13% TSLA +6.12%
The stock market witnessed a spectacular day on Tuesday, highlighted by the stellar performance of the Magnificent Seven technology behemoths, led by the robust showings of Tesla Inc. and Apple Inc. shares.
The S&P 500 index (SPX) surged by an impressive 1.9%, with 466 components gaining ground. Simultaneously, the tech-friendly Nasdaq-100 Index (NDX) showed a bullish trend, climbing 2.1% higher with 94 components in the ascent. Investors rejoiced at the tempered inflation data, kindling hopes that interest rates might have reached their peak.
The cumulative market capitalization of the Magnificent Seven companies closed at $11.69 trillion on Tuesday, constituting approximately 29.1% of the total market cap of the S&P 500 companies, which stood at $40.11 trillion. This calculation, based on FactSet data by MarketWatch, underscores the prominence of the Magnificent Seven in the market landscape.
The Seven witnessed a substantial uptick in their aggregate market caps, swelling by an impressive $207.5 billion. This resurgence reaffirms their status as leaders in the market, showcasing their enduring financial prowess.
Don’t overlook: The Magnificent Seven might be aptly termed the intricate seven after a lukewarm third quarter.
Let’s delve into the individual performances of the Seven on Tuesday:
Alphabet Inc.’s stock (GOOGL, +1.16%, GOOG, +1.34%) rallied by $1.53, a 1.2% increase, reaching $133.62. This surge added $19.15 billion to the internet search behemoth’s market cap, which closed at $1.67 trillion—a three-week high. The stock demonstrated a remarkable 7.7% uptick over a 10-session period.
Amazon.com Inc. shares (AMZN, +2.25%) climbed by $3.21, a 2.3% increase, reaching $145.80. This uptick added $33.17 billion to the e-commerce and cloud services company’s market cap, which closed at its highest price since April 25, 2022.
Apple Inc.’s stock (AAPL, +1.43%) advanced by $2.64, a 1.4% increase, closing at a 10-week high of $187.44. The technology behemoth’s market cap received a substantial $41.06 billion boost, reaching $2.92 trillion—maintaining its position as the most valuable S&P 500 company.
Shares of social-media giant Meta Platforms Inc. (META, +2.16%) surged by $7.12, a 2.2% increase, reaching $336.31—the highest close since Jan. 4, 2022. The stock has experienced eight consecutive higher closes, marking the longest win streak since the 11-day stretch ending Sept. 21, 2015. Meta’s market cap rose by $18.30 billion on Tuesday, reaching $864.3 billion.
Shares of Microsoft Corp. (MSFT, +0.98%), the second-most valuable S&P 500 company, moved up by $3.59, a 1% increase, closing at $370.27. This marked the fourth record close in the past six sessions. The software behemoth’s market cap increased by $26.68 billion on Tuesday, reaching $2.75 trillion.
Nvidia Corp. shares (NVDA, +2.13%) shot up by $10.36, a 2.1% increase, reaching $496.56—the first record close since Aug. 31. The semiconductor maker and artificial-intelligence play’s stock has rallied by 21.8% over a 10-day winning streak, the longest such streak since the 10-day stretch ending Dec. 27, 2016. The company’s market cap received a substantial $25.59 billion lift on Tuesday, reaching $1.23 trillion.
Tesla Inc.’s stock (TSLA, +6.12%) charged by $13.70, a 6.1% increase, closing at a one-month high of $237.41. The electric-vehicle maker’s market cap swelled by $43.55 billion on Tuesday, reaching $754.71 billion—$116.25 billion more than its value at the end of October.
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