The magnificent seven trailed the S&P 500 in Q3; first quarter since 4Q of 2022

Looking back at the total performance of the third quarter of 2024 and investors will see that the benchmark S&P 500 (SP500) outperformed the popular magnificent seven names as the magnificent seven trailed S&P 500 by 0.2% in the third quarter.

This outperformance in Q3 by the broader S&P 500 was the first time in six quarters dating back to Q4 of 2022.

Outlined below are the third quarter performances of each of the magnificent seven stocks:

• Alphabet (GOOG) (GOOGL): -9.3%.
• Apple (NASDAQ:AAPL): +9.8%.
• Amazon (NASDAQ:AMZN): -3.7%.
• Meta Platforms (NASDAQ:META): +13.3%.
• Microsoft (MSFT): -4.1%.
• Nvidia (NASDAQ:NVDA): -1.6%.
• Tesla (TSLA): +30.2%.

Bigger picture, all seven names are also underperforming on a year-to-date perspective when compared to each of their full year performances of 2023.

Year-to-date and shares of GOOG are higher by 18.6% and in 2023 the tech giant ended the year on top by 58%. At the same time, APPL and AMZN are up in 2024 by 21% and 22.6% versus their 2023 gains of 48% and 81% respectively.

Moreover, META has climbed 61.7% YTD but has come up short compared to its 2023 returns of +194%. MSFT is +14.4% in 2024 compared to its total jump of 57% in 2023.

NVDA while rocketing higher in 2024 by 145% so far this year is still nearly 100% short of its 2023 returns where the chipmaker returned +239% and TSLA is only higher by 5.3% so far this year compared to its gains of +102% in 2023.