The “Magnificent Seven” tech giants that have led the 2023 stock market rally saw their fortunes diverge in October as earnings, industry narratives, and investor fatigue worked through this group of leaders.
“At this point you can’t look at them as seven stocks together,” Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance Live on Tuesday.
Last month, Amazon (AMZN) and Microsoft (MSFT) were the only members of the group to post gains greater than 1% with the Seattle-area giants rising 4.7% and 7.1%, respectively. Both companies reported quarterly results that revealed growth in their cloud units above investor forecasts.
Meanwhile, rival Alphabet (GOOG, GOOGL) saw shares drop more than 5% after downbeat results from its cloud business, while Nvidia (NVDA) lost 6% amid reports the Biden administration could limit AI chip exports to China.
Tesla (TSLA) stock fell nearly…
