Megacap Mag 7 stocks rise ahead of big tech earnings this week
** The elite "Magnificent Seven" group of megacap stocks up in premarket trading, ahead of some big tech earnings this week
** Apple AAPL.O, Nvidia NVDA.O, Microsoft MSFT.O, Amazon.com AMZN.O, Meta Platforms META.O, Alphabet GOOGL.O, Tesla TSLA.O up 0.3%-2.2%
** GOOGL earnings due on Tue, MSFT and META on Wed, AMZN and AAPL on Thu
** "We know about the (tech cos') big spending, but are we starting to see the benefits of their investments?" said Jay Woods, chief global strategist at Freedom Capital Markets
** On Thu, TSLA surged 22% following a strong car sales growth forecast, in a positive start to the Mag 7 earnings; stock up 8.3% YTD
** Last week, NVDA briefly toppled AAPL to become world's most valuable company, with the AI chip giant's market cap standing at ~3.47 trln as of Fri close
** Investors also on the lookout for Nov. 5 U.S. elections in another test for markets
** The Information technology index .SPLRCT is the top S&P 500 sectoral index gainer so far in 2024 with a 33.5% gain, mainly driven by a 185% YTD rise in NVDA shares
Reporting by Ankika Biswas in Bengaluru
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