Seven great stocks to buy and watch: Apple, Nvidia, and Tesla are in buy zones

Seven great stocks to buy and watch: Apple, Nvidia, and Tesla are in buy zones

They’re called the Seven Magnificent Stocks, apple (Camel), Microsoft (MSFT), the parent company of Google the alphabet (Google), Amazon.com (Amzn), Nvidia (NVDA), Meta platforms (dead) and Tesla (TSLA) lived up to its name in 2023 with big gains. Magnificent Seven shares are some of the best stocks to buy and watch in the stock market today.

Due to their huge market cap, Magnificent Seven shares have a disproportionate impact on the Nasdaq Composite Index and the S&P 500 Market Cap Index.

For an in-depth look at this issue, see IBD’s page on The 7 Magnificent Weights, Market Cap, and Latest Company News.

The Seven Great Stocks: Amazon is in buy range

Amazon stock broke out into the buy range almost above the 145.86 buy point of the cup base. 5% buy zone rises to 153.15. Shares rose 2.8% on Monday, hitting a new 52-week high.

Amazon is an IBD SwingTrader stock.

Through its Amazon Bedrock platform, the e-commerce and cloud giant provides a fully managed service offering a selection of high-performance foundation models (FMs) from leading AI companies such as AI21 Labs, Anthropic, Cohere, Meta, and Stability AI.

Nvidia shares are led by the Magnificent Seven

Among the Magnificent Seven stocks, Nvidia is the best performer, having returned a whopping 235% year-to-date through Friday, December 15.

The AI ​​giant is in a buy range from the double-bottom buy point of 476.09 after finding support at the 50-day moving average earlier this month. The 5% buy zone reaches 499.89. Nvidia stock rose 2.7% on Monday.

Nvidia is an IBD Leaderboard stock.

On November 28, the company expanded its scope into the AI ​​space, unveiling business intelligence for chatbots, co-pilots, and summarization tools through its enterprise-grade generative AI microservice.

NeMo Retriever – a new offering in the Nvidia NeMo family of frameworks and tools for generative AI models – helps organizations improve their generative AI applications. NeMo Retriever helps generative AI applications provide more accurate responses through improved Nvidia algorithms.

Tesla stock reaches buy point

Tesla shares rose 0.2% midday on Monday. The electric car leader is breaking out at an early entry level at 252.75, while the large double bottom pattern has an official buy point of 278.98.

Last week, Tesla stock jumped nearly 4%, breaking the trend line and decisively clearing the 50-day line. This is an aggressive buy signal.

Also last week, shares briefly dipped below the 50-day line on news that two Model 3 vehicles will lose all of their IRA tax breaks in 2024. Meanwhile, Tesla will also make a software update On more than 2 million vehicles. After the National Highway Traffic Safety Administration determined that the electric car giant’s Autopilot system was vulnerable to abuse after reviewing 1,000 accidents.

Dow Jones Stocks in Magnificent 7: Apple and Microsoft

Two Dow Jones Magnificent Seven names, Apple and Microsoft, traded mixed on the stock market today.

Apple stock fell 0.7% on Monday after Bloomberg reported that China expanded its ban on Apple devices late Friday.

After the breakout on December 5, shares remain in a buying range above the cup-with-handle entry level of 192.93.

According to MacRumors and other outlets, Apple could have its generative AI feature — known internally as Apple GPT — available on the iPhone and iPad sometime late next year.

Meanwhile, Microsoft stock regained its primary buy point of 366.78 on Friday. The stock rose 0.4% on Monday, as it sought to hold above its entry level.

Last week, the software giant received several upbeat reports from Wall Street analysts.

Investment bank Truist Securities initiated coverage on Microsoft shares with a buy rating and set a three-year price target of 600. Meanwhile, Macquarie maintained its outperform rating on MSFT stock and raised its price target to 430 from 405.

Meta stock bounces off key level

Meta Platforms shares continue to rebound from the 50-day line after testing that level in early December. The support creates a buy zone around 353. Meta stock jumped 3.6% on Monday, hitting a new high.

META stock has a Composite Rating of 98 out of 99 from IBD, according to IBD Stock Screener.

Last week, CEO Mark Zuckerberg said Threads is now available to users in the European Union. Facebook’s parent company launched Threads as a separate app in July. It is a competitor to Elon Musk’s company X, which was formerly known as Twitter. The rollout of the app in Europe was reportedly delayed due to regulatory uncertainty in the European Union over the use of personal data on the app.

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