📈 Magnificent Seven" Market Cap Rebounds to $16.2 Trillion by October 18, 2024

The "Magnificent Seven" stocks—Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla—experienced a 5.7% increase in market capitalization in the month ending October 18, 2024, following the Federal Reserve's rate cut, compared to a 4.4% rise in the broader S&P 500. Nvidia, Meta, and Apple led the gains with increases of 21.7%, 7.2%, and 6.5% respectively, while Tesla and Microsoft both posted losses of 2.9%.

Key market cap milestones for the "Magnificent Seven" in 2024 include:

• July 10: Record high of $17.0 trillion

• August 5: Drop to $14.1 trillion

• August 21: Rebound to $15.8 trillion

• September 6: Decline to $14.5 trillion

• September 30: Recovery to $16.0 trillion after the Fed's rate cut

• October 7: Dip to $15.7 trillion

• October 18: Rebound to $16.2 trillion

Year-to-date, these tech giants have posted a 34.9% gain as of October 18, 2024, outpacing the S&P 500's 23.0% growth and the 18.2% increase in the rest of the index.