Magnificent Seven Stocks Carry S&P 500 in 2022 While P/E Ratios Adjust, 2024 Outlook Takes Shape
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The "Magnificent Seven" stocks (Apple, Microsoft, Amazon, Nvidia, Alphabet, Tesla, Meta) have accounted for 67% of the S&P 500's returns this year, showing outsized influence.
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Forward P/E ratios have declined significantly for most of the "Magnificent Seven" except Amazon and Apple.
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Nvidia stands out with a 220% return this year and much lower forward P/E ratio compared to the end of 2022.
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2024 stock market predictions have started coming in along with warnings about meme stock ETFs and opportunities in gold ETFs.
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Disney reinstated its dividend, Tesla started delivering Cybertrucks, and the retail company Shein filed for a U.S. IPO.