On Tuesday, the stock market witnessed an extraordinary day, with a remarkable performance by the Magnificent Seven technology giants. Leading the charge were Tesla Inc. and Apple Inc., whose shares soared.
The S&P 500 index (SPX) recorded an impressive 1.9% increase, witnessing 466 components gaining ground. Meanwhile, the tech-friendly Nasdaq-100 Index (NDX) surged even higher with a remarkable 2.1% growth and 94 components rising. This surge was fueled by investors’ enthusiasm over the tame inflation data, which sparked hopes of possibly reaching the peak of interest rates.
The Magnificent Seven’s Market Cap
According to FactSet data, at Tuesday’s close, the total market capitalization of the Magnificent Seven companies stood at $11.69 trillion. This astonishing figure accounted for approximately 29.1% of the overall market cap of the S&P 500 companies, which amounted to $40.11 trillion.
Growth and Leadership
The Magnificent Seven have once again exhibited their dominance in the market. Considering the shares outstanding provided in their latest quarterly filings, their aggregate market caps saw a substantial increase of $207.5 billion. This reestablishes them as the market leaders.
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Let’s find out how each of the Seven performed on this remarkable Tuesday:
Massive Gains for Tech Giants in Market Cap
Alphabet Inc. (GOOGL, GOOG)
Alphabet Inc.’s stock made a remarkable rally, surging by $1.53 or 1.2% to reach $133.62. This impressive rise added a staggering $19.15 billion to the market cap of the internet search behemoth, bringing it to a total of $1.67 trillion. The stock has been on a bullish trend, experiencing gains in eight out of the last ten sessions.
Amazon.com Inc. (AMZN)
Shares of Amazon.com Inc. also saw a significant increase, climbing by $3.21 or 2.3% to reach $145.80. This boost in share price resulted in a remarkable $33.17 billion increase in the e-commerce and cloud services company’s market cap, bringing it to a substantial $1.51 trillion. The stock closed at its highest price since April 25, 2022.
Apple Inc. (AAPL)
Apple Inc.’s stock made a significant advancement, closing at a 10-week high of $187.44 after a gain of $2.64 or 1.4%. This rise contributed $41.06 billion to the technology behemoth’s market cap, which now stands at an astounding $2.92 trillion. Apple Inc. proudly retains its position as the most valuable company in the S&P 500.
Meta Platforms Inc. (META)
Shares of social media giant Meta Platforms Inc. experienced a strong surge, rising by $7.12 or 2.2% to reach $336.31, the highest level seen since January 4,2022. With eight consecutive sessions of higher closing prices, this win streak stands as the longest since September 21, 2015. Meta’s market cap saw a significant increase of $18.30 billion on Tuesday, reaching $864.3 billion.
Microsoft Corp. (MSFT)
Microsoft Corp., the second-most valuable company in the S&P 500, witnessed a positive movement in its stock price, with an increase of $3.59 or 1% to reach $370.27. This marks the fourth record close in the past six sessions for the software behemoth. The gains led to a substantial increase in market cap, adding $26.68 billion and ultimately reaching $2.75 trillion.
Nvidia Corp. (NVDA)
Shares of Nvidia Corp., a leading semiconductor maker and artificial intelligence player, soared by $10.36 or 2.1% to reach $496.56. This remarkable rise resulted in the first record close for Nvidia stock since August 31. Additionally, the stock has seen an impressive 10-day winning streak, with gains totaling 21.8%. As a result, the company’s market cap surged by $25.59 billion on Tuesday, bringing it to $1.23 trillion.
Tesla Inc. (TSLA)
Tesla Inc.’s stock charged ahead, rising by $13.70 or 6.1% to reach a one-month closing high of $237.41. The electric vehicle maker experienced a staggering increase in market cap, adding an astonishing $43.55 billion on Tuesday alone. Tesla’s total market cap now stands at $754.71 billion, representing a remarkable increase of $116.25 billion since the end of October.