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HomeBitcoin‘Magnificent seven’ stocks shed $2.6T in lead-up to busy earnings week

‘Magnificent seven’ stocks shed $2.6T in lead-up to busy earnings week

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The world’s best-performing tech stocks have bled an average $125 billion market cap per day for the past 20 days while crypto market cap has risen 11%.

The “Magnificent Seven” — a moniker for a group of high-performing tech stocks including Nvidia and Microsoft — has shed $2.6 trillion from their combined market cap in 20 days in the lead-up to a high-profile earnings week. 

In a July 31 post on X, economics outlet The Kobeissi Letter commented that “The Magnificent Seven has lost triple the value of Brazil’s entire stock market in 20 days.”

The group includes Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, which have outpaced the rest of the S&P 500 in growth since the market low in 2022.

So far, Microsoft has already reported its fourth-quarter earnings for the 2024 fiscal year ending June 30. Meta’s latest quarter results are set to be published on July 31, while Apple and Amazon are set to report on August 1.

Quarterly results from the market-leading group of tech giants could also set the tone for the higher-risk asset markets in the coming months, including crypto.Nvidia Q2 results expected Aug. 28

Nivida’s Q2 earnings report is not expected until Aug. 28, but the semiconductor giant has already seen a 23% stock slump, resulting in a $800 billion loss in market cap since July 10.

The firm has a market cap of $2.55 trillion and its share (NVDA) price slumped 7% on July 30 in a fall to close at $103.73.

Microsoft falls 3.8% despite positive earnings

Microsoft stock (MSFT) fell 3.8% on the day, closing at $422.92 despite delivering a better-than-expected earnings report on July 30.

The software giant is the world’s second-largest company, with a market capitalization of $3.1 trillion, but that has declined by 15% over the past three weeks.

Alphabet (Google)

Google’s parent company is the fourth largest of the seven, with a market capitalization of $2.1 trillion but it too has lost 12% since July 10.

Company shares (GOOG) remained largely unchanged on the day, settling at $171.47 in after-hours trading. The tech giant reported Q2 earnings of $84.72 billion on July 23, up 5.2% from the previous quarter.

Apple to deliver earnings results on Aug. 1

The world’s largest company by market capitalization, at $3.35 trillion, will release its earnings report on Aug. 1. Nevertheless, Apple’s market cap has lost 9% or $312 billion, since July 10.

Company shares (AAPL) were also unchanged on the day,, closing at $218.80, but they are down 7% from their all-time high earlier this month.

Amazon eyes results filing on Aug. 1

E-commerce giant Amazon is the fifth largest company by market cap with $1.89 trillion. However, this has declined by 12% over the past three weeks. Stock (AMZN) prices dipped 1.5% on the day to settle at $180.90 in after-hours trading.

Amazon is also due to release its Q2 earnings report on Aug. 1.

Meta Q2 earnings report set for July 31

The company, formerly known as Facebook, has a market cap of $1.17 trillion, ranking it sixth out of the Magnificent Seven. However, Meta has lost $257 billion, or 18% of its market cap since July 10. The firm is expected to release its Q2 earnings report on July 31.

Meta stock (META) fell 2.5% on the day to close at $463.19 on July 30.

Tesla stocks down 9.4% in a day

Elon Musk’s Tesla is the final member of the Magnificent Seven with a market cap of $711 billion. However, it has also lost 19% in capitalization since July 10.

Tesla posted its lowest quarterly profit margin in five years on July 23, with earnings per share missing estimates for the fourth consecutive quarter. Company stock (TSLA) fell 9.4% on Tuesday, July 30, to $222.62.

By comparison, total crypto market capitalization has gained 11% during the same three-week period signaling an early divergence.

Source:- COINTELEGRAPH

Ariana Raven
Ariana Raven
🌟 Ariana Raven - Passionate Crypto & Blockchain Marketing Specialist with 3 years of experience in driving impactful marketing campaigns across the digital landscape! 🚀
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