Magnificent 7 laggards: Tesla stock slides considerably in 2024

Five of the Magnificent Seven tech stock components saw stock declines in last week's trading. Yahoo Finance's Jared Blikre eyes several of the group's biggest laggards, highlighting EV maker Tesla's (TSLA) year-to-date losses.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

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BRAD SMITH: Five of the seven Magnificent Seven stocks suffered declines last week with Tesla faring the worst, off about 13.5%. And despite the Mag Seven accounting for around 50% of S&P 500 gains this year, three of its members are lagging behind. Tesla, Apple, and Alphabet are all in the red year to date.

And once again, you see Tesla leading losses. Yahoo Finance's Jared Blikre, he's over at the big board with more. Hey, Jared.

JARED BLIKRE: Such as it is, sometimes we group these stocks together arbitrarily. They might be doing something similar for a limited period of time and then they get stuck. And here we have the Magnificent Seven with huge dispersion between the contributions-- among the contributions to the S&P 500 market cap.

You look at NVIDIA over there, it's up $965 billion. And then you take a look at Tesla down $231 billion. As NVIDIA's contributing 33% of the market cap gains of the S&P 500, Tesla is responsible for negative 8%.

And sometimes math is just not intuitive that way. But the point is besides these four groups of stocks that are advancing, you have these other three. And to be fair, all seven of these stocks have very, very different narratives.

I want to point out Tesla versus NVIDIA. So this is the first in class, this is last in class in the Mag Seven. And this what's happening year to date. You can see Tesla down about 27%, NVIDIA up about 78%.

And if I show you a two-year chart, you can really see back when their fortunes diverged. Because it was off of the October lows in 2022 that we saw this big rally and we saw the Mag Seven, kind of, in lockstep. But you can see the fortunes diverging as we proceeded in the year, that was last year.

Now, I also want to show some technical analysis on Tesla over the last five years. And what I'm seeing here is just a giant trading range with a couple of forays above and below. And so here we got above the trading range here. We got below around the turn of the year one year ago.

But for the most part, we are in a trading range. Until that breaks, difficult to see or difficult to get excited about Tesla going in any direction or the other. It looks like it got a little bit of time.

So I do want to go to our Mag 100-- or NASDAQ 100 heat maps so I can just check out the totals here. It's been interesting. I've been watching Eli Lilly surge ahead of Tesla in terms of market cap. And here we see Tesla at $571 billion short of AVGO, that's Broadcom. That change was made last week. And now Visa, looks like Tesla heading for Visa's market cap next.