It was a great day for the stock market on Tuesday, highlighted by a strong performance from the Magnificent Seven technology giants, led by Tesla Inc. and Apple Inc. shares.
The S&P 500 Index SPX rose 1.9% with 466 components advancing, while the tech-friendly Nasdaq 100 Index NDX rose 2.1% with 94 components advancing. Investors cheered tame inflation data, fuelling hopes that interest rates may have peaked.
The combined market capitalisation of the Magnificent Seven companies was $11.69 trillion at Tuesday’s close, or about 29.1% of the S&P 500’s total market cap of $40.11 trillion, according to a MarketWatch calculation of FactSet data.
The seven added $207.5 billion to their combined market capitalisation, based on shares outstanding as reported in the companies’ latest quarterly filings, to reassert their leadership of the market.
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Here’s how each of the seven performed on Tuesday:
Shares of Alphabet Inc GOOGL, +1.16% GOOG, +1.34% rose $1.53, or 1.2%, to $133.62, adding $19.15 billion to the internet search giant’s market capitalisation, which stood at $1.67 trillion at Tuesday’s close. The stock, which closed at a three-week high, is up 7.7% over a 10-session period in which it has risen eight times.
Amazon.com Inc shares AMZN, +2.25% climbed $3.21, or 2.3%, to $145.80, boosting the e-commerce and cloud services company’s market capitalisation by $33.17 billion to $1.51 trillion. The stock closed at its highest level since 25 April 2022.
Apple Inc AAPL, +1.43% shares rose $2.64, or 1.4%, to close at a 10-week high of $187.44. The tech giant’s market capitalisation rose $41.06 billion to $2.92 trillion, maintaining its lead as the most valuable company in the S&P 500.
Shares of social media giant Meta Platforms Inc. META, +2.16% rose $7.12, or 2.2%, to $336.31, their highest close since 4 January 2022. The stock has closed higher for eight consecutive sessions, the longest winning streak since the 11-day stretch that ended Sept. 21, 2015. Meta’s market capitalisation rose by $18.30 billion to $864.3 billion on Tuesday.
Shares of Microsoft Corp. MSFT, +0.98%, the second-most valuable company in the S&P 500, rose $3.59, or 1%, to $370.27, their fourth record close in the past six sessions. The software giant’s market capitalisation rose by $26.68 billion on Tuesday to $2.75 trillion.
Nvidia Corp shares NVDA, +2.13% shot up $10.36, or 2.1%, to $496.56, their first record close since Aug. 31. The semiconductor maker and artificial intelligence company’s shares are up 21.8% amid a 10-day winning streak, the longest since the 10-day stretch that ended Dec. 27, 2016, according to Dow Jones Market Data. The company’s market capitalisation rose $25.59 billion to $1.23 trillion on Tuesday.
Shares of Tesla Inc TSLA, +6.12% rose $13.70, or 6.1%, to a one-month high of $237.41. The electric car maker’s market capitalisation rose $43.55 billion on Tuesday to $754.71 billion, $116.25 billion more than at the end of October.
