From Nasdaq:

Microsoft, Meta Platforms, and Amazon have continued to showcase impressive growth, leading the market higher. The Magnificent 7 stocks, including Apple, Alphabet, Tesla, and Nvidia, reported strong growth in Q4 earnings, except for Tesla, which disappointed the market. These companies are expected to bring in 19.5% of the S&P 500’s total earnings in 2024. The Tech sector as a whole is expected to see Q4 earnings up +24.2% from last year.

In addition to the Magnificent 7 stocks, total Q4 earnings for the Technology sector as a whole are expected to be up +24.2% from the same period last year on +8.1% higher revenues. These earnings results have pushed the aggregate earnings growth picture for the S&P 500 index to +4.3%, excluding the contribution from the Mag 7 stocks, Q4 earnings for the rest of the index would be down -4.2%.

This week’s line-up includes a who’s who of the S&P 500 index, including Disney, Elli Lilly, MacDonalds, DuPont, Caterpillar, Ford, Pepsi, Chipotle, Uber, and more totaling 106 S&P 500 members. So far, from the 230 S&P 500 members that have reported, total Q4 earnings are up +4.2% from the same period last year. 81.3% have beaten EPS estimates and 63.9% beating revenue estimates.

Zacks Director of Research, Sheraz Mian has released the Zacks Top 10 Stocks for 2024 which has nearly tripled the S&P 500’s performance. The portfolio has been stunningly and consistently successful and could be the early glimpse of these stocks with enormous potential.



Read more: Magnificent 7 Earnings Results Solidify Market Leadership