Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the middle part of the second quarter of 2024 showed a big divergence of returns.
Apple is the stock in many investors' eyes again. Its market cap just popped above $3 trillion, joining Nvidia and Microsoft in the elite $3 trillion-plus club. On Thursday, the consumer electronics giant's IBD Relative Strength (RS) Rating improved to 71, up from 67.
Apple stock has rebounded in the second half of the year. Wall Street participants are now debating whether or not this is the time to buy shares of the iPhone maker. Apple shares are up 1.6% this year to $195.75 after spending most of 2024 in the red.