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Earnings guide: Here's what to expect from the 'Mag 7' ahead of third-quarter earnings

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Megacap tech has powered the two-year bull market. But the stocks have come under pressure as Wall Street wonders whether they have more room to run.

As earnings season kicks into high gear, investors are keeping an especially close eye on the Magnificent Seven 's quarterly results. The group of mega-cap tech names — Apple , Microsoft , Alphabet , Nvidia , Tesla , Meta Platforms and Amazon — has been the powerhouse of the two-year bull market rally. The Roundhill Magnificent Seven ETF , for example, which tries to replicate their performance, is up about 42% this year versus 22% for the S & P 500.

The stock is now down more than 11% for all of 2024 as Elon Musk's company faces stiffer competition in the U.S. auto market from other EV makers such as Rivian, traditional carmakers like Ford and General Motors and commercial robotaxi operators. Rapid innovation in China's EV market has also threatened Tesla's international growth story. Most analysts surveyed by FactSet are shaky on Tesla, with roughly 41% rating the stock a buy and the remainder a hold or sell.

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