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Nvidia is set to be the last Magnificent Seven company to report quarterly results later this month.Big tech stocks are having a magnificent Thursday.
Pushed higher by optimism associated with elements of last night’s financial results from Meta Platforms (META) and Microsoft (MSFT), shares of all of the Magnificent Seven stocks were rising—and taking the major indexes higher with them.
Microsoft's stock was recently close to 9% higher, while Meta's was up more than 5%. Both companies' shares were among the top gainers in the S&P 500.
CNBC’s Magnificent Seven Index, which tracks the performance of the aforementioned pair of stocks as well as Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), Tesla (TSLA) and Nvidia (NVDA), was recently up 3.5%. That was a bigger upward move than seen in any of the major U.S. indexes today, which were led by the tech-focused Nasdaq Composite, up more than 2.5%. (Read Investopedia’s full daily markets coverage here.)
Nearly all of the remaining Magnificent Seven shares were up more than 1%, with Nvidia's rising almost 5%. Apple's, on the other hand, were little changed. Questions about U.S. trade policy and other economic concerns have weighed on indexes in recent weeks, though the major indexes have risen recently as some fears appear to have receded.
Apple and Amazon are set to report their results after today’s close; after that, the next—and last—up is Nvidia, which is scheduled for May 28. (You can read our previews for the Amazon and Apple results here and here, respectively.)
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