Published: Nov. 14, 2023 at 4:45 p.m. ET
It was a magnificent day for the stock market Tuesday, highlighted by a strong performance by the Magnificent Seven technology giants, led by Tesla Inc. and Apple Inc. shares.
The S&P 500 index SPX powered up 1.9%, with 466 components gaining ground, while the tech-friendly Nasdaq-100 Index NDX bulled 2.1% higher with 94 components rising. Investors cheered tame inflation data, which fueled hopes that interest rates may have peaked.
The…
It was a magnificent day for the stock market Tuesday, highlighted by a strong performance by the Magnificent Seven technology giants, led by Tesla Inc. and Apple Inc. shares.
The S&P 500 index
SPX
powered up 1.9%, with 466 components gaining ground, while the tech-friendly Nasdaq-100 Index
NDX
bulled 2.1% higher with 94 components rising. Investors cheered tame inflation data, which fueled hopes that interest rates may have peaked.
The total market capitalization of the Magnificent Seven companies was $11.69 trillion at Tuesday’s close, which represented about 29.1% of the total market cap of the S&P 500 companies of $40.11 trillion, according to a MarketWatch calculation of FactSet data.
The Seven saw their aggregate market caps increase by $207.5 billion, based on the shares outstanding provided in the companies’ latest quarterly filings, to reassert themselves as the market’s leaders.
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Here’s how each of the Seven made out on Tuesday:
- Alphabet Inc.’s stock
GOOGL
GOOG
rallied $1.53, or 1.2%, $133.62, to add $19.15 billion to the internet search behemoth’s market cap, which was $1.67 trillion at Tuesday’s close. The stock, which closed at a three-week high, has run up 7.7% amid a 10-session stretch in which it has gained eight times.
- Amazon.com Inc. shares
AMZN
climbed $3.21, or 2.3%, to $145.80, to increase the e-commerce and cloud services company’s market cap by $33.17 billion to $1.51 trillion. The stock closed at its highest price since April 25, 2022.
- Apple Inc.’s stock
AAPL
advanced $2.64, or 1.4%, to close at a 10-week high of $187.44. The technology behemoth’s market cap got a $41.06 billion boost to $2.92 trillion, to maintain its lead as the most valuable S&P 500 company.
- Shares of social-media giant Meta Platforms Inc.
META
surged $7.12, or 2.2%, to $336.31, the highest close since Jan. 4, 2022. The stock has closed higher for eight straight sessions, the longest win streak since the 11-day stretch that ended Sept. 21, 2015. Meta’s market cap rose by $18.30 billion on Tuesday to $864.3 billion.
- Shares of Microsoft Corp.
MSFT
,
the second-most valuable S&P 500 company, moved up $3.59, or 1%, to $370.27, the fourth record close in the past six sessions. The software behemoth’s market cap increased by $26.68 billion on Tuesday to $2.75 trillion. - Nvidia Corp. shares
NVDA
shot up $10.36, or 2.1%, to $496.56, their first record close since Aug. 31. The semiconductor maker and artificial-intelligence play’s stock has rallied 21.8% amid a 10-day winning streak, the longest such streak since the 10-day stretch that ended Dec. 27, 2016, according to Dow Jones Market Data. The company’s market cap got a $25.59 billion lift Tuesday to $1.23 trillion.
- Tesla Inc.’s stock
TSLA
charged $13.70, or 6.1%, higher, to a one-month closing high of $237.41. The electric-vehicle maker’s market cap swelled by $43.55 billion on Tuesday to $754.71 billion, which is $116.25 billion more than what it was at the end of October.
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
