📈 Magnificent Seven" Market Cap Drops to $16.0 Trillion on October 31, 2024, After Fluctuations

The "Magnificent Seven" stocks—Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla—saw significant market cap fluctuations in October 2024. While their combined market capitalization grew by 3.9% from September 30 to October 30, it ultimately fell back to $16.0 trillion by October 31, equaling the September 30 level. 

Key market cap milestones in 2024 included:

• July 10: Peak at $17.0 trillion

• August 5: Decline to $14.1 trillion

• August 21: Recovery to $15.8 trillion

• September 6: Drop to $14.5 trillion

• September 30: Rebound to $16.0 trillion after Fed rate cut

• October 7: Slip to $15.7 trillion

• October 29: Rise to $16.7 trillion

• October 31: Decline to $16.0 trillion

As of October 31, 2024, the "Magnificent Seven" have gained 33.1% year-to-date, outperforming the S&P 500’s 19.6% growth and the rest of the index's 14.2% increase.