Should You Buy the Dip on the 3 "Magnificent Seven" Stocks That Are Already Down in 2024?

"Magnificent Seven" is a term coined by Bank of America analyst Michael Hartnett to describe the seven largest tech-focused stocks in the S 500. They are Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Meta Platforms (NASDAQ: META), Nvidia (NASDAQ: NVDA), and Tesla (NASDAQ: TSLA).

According to the weights of the SPDR S 500 ETF Trust -- which mirrors the performance of the S 500, these seven companies alone make up a staggering 28.37% of the index's value.

At the time of this writing, Nvidia is up the most year to date at 13.2%, and Meta Platforms, Microsoft, and Alphabet are all up, too. But Amazon is down slightly, Apple has lost over 5% of its value, and Tesla is down a painful 13.3%.

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Source Fool.com