The "Magnificent Seven" Dominated the Market in 2023. Will the "Fab Four" Reign in 2024?

Last year was a big moment for the stocks dubbed the "Magnificent Seven" -- a reference to the 1960 Western movie -- as they soared in the double and triple digits. These companies, technology-industry giants, also are leaders in their specialty areas -- from Internet search to electric vehicles (EVs). They are Amazon (NASDAQ: AMZN), , Alphabet, Meta Platforms (NASDAQ: META), Microsoft (NASDAQ: MSFT), Nvidia (NASDAQ: NVDA), and Tesla.

Investors flocked to these growth players as they began to position themselves for a recovering market and economy. Growth stocks generally benefit from this sort of environment, and on top of that, these innovative companies offer exposure to high-potential areas -- such as artificial intelligence (AI) -- that could supercharge revenue in the coming years.

This year, though, the Magnificent Seven have lost some of their steam. Certain players have fallen behind when it comes to stock performance, and Tesla and Apple shares have even declined in the double digits. But four continue to roar higher, suggesting they may take over and lead gains in the S 500. Will the "Fab Four" reign in 2024? Let's find out.

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Source Fool.com