The Magnificent 7 stocks are gearing up to release their earnings reports soon, and Deutsche Bank has provided a helpful chart outlining the performance of some of the top tech shares in the US equity market leading up to their financial updates.
According to the data, all seven of these Wall Street giants are currently trading below their peaks for 2024, with six of them down at least 7% from their year-to-date highs. Despite this, five of the seven stocks are still in positive territory since the end of 2023.
Nvidia (NVDA) stands out as the leader of 2024, boasting a YTD gain of nearly 54%. However, the stock has dropped almost 20% from its peak. Meta (META) has seen a more than 30% increase this year, while Alphabet (GOOG) (GOOGL) has risen around 10%. Unfortunately, recent market declines have caused these shares to fall from their peaks as well.
On the other hand, Tesla (TSLA) has been struggling throughout the year and is now the second-worst performer in the S&P 500, having halved since last July, according to Deutsche Bank Strategist Jim Reid.
As the reports from the Magnificent 7 approach, the overall equity market is experiencing a downturn in April. The Nasdaq Composite and the S&P 500 have both been negatively affected, primarily due to concerns about the likelihood of multiple interest rate cuts this year. Last week, the S&P 500 was more than 5% lower than its all-time high in late March.
DailyBubble believes that the upcoming earnings reports from these tech giants will provide valuable insights into the current state of the market. Despite the recent market volatility, there may still be opportunities for investors to capitalize on the strengths of these companies.