If the "Magnificent Seven" Is So Great, Then Why Is Tesla the Worst-Performing S&P 500 Stock in 2024?

All the Magnificent Seven stocks beat the Nasdaq Composite and the S 500 last year. That quality, paired with each company's size, led Bank of America analyst Michael Hartnett to coin the phrase "Magnificent Seven" to refer to Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta Platforms, and (NASDAQ: TSLA). But 2024 has been entirely different.

Alphabet, Apple, and Tesla are underperforming both benchmarks, with Apple losing over 8% of its value year to date. Tesla has been the most contentious component of the Magnificent Seven because it is the worst-performing S stock YTD, down over 30% in less than three months. Even Boeing, whose stock tumbled following a series of high-profile maintenance issues, is doing slightly better than Tesla stock.

Nvidia is the single best-performing stock in the S 500, and Meta Platforms is third.

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Source Fool.com