2 Essential “Magnificent 7” Stocks for Canadian Portfolios [Yahoo! Finance Canada]
Apple Inc. (AAPL)
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Source: Yahoo! Finance Canada
The rise of technology-centric stocks gave rise to the tag or label “Magnificent Seven” on Wall Street. These mega-cap tech stocks lifted U.S. equity markets to new highs in 2024. iPhone maker Apple is the largest by market cap ($3.2 trillion) and the only member of the US$3 trillion club. Apple, NVIDIA , and Microsoft NASDAQ:MSFT ) belong to the information technology sector. Google parent Alphabet NASDAQ:GOOG ) and Facebook parent Meta Platforms from the communications services sector are part of the mix. Consumer discretionary stocks Amazon.com and Tesla complete the cast. But can Canadians invest in them? Since the Income Tax Act allows foreign holdings, the answer is yes. Magnificent Seven stocks are the cream of the crop and top market movers. NVIDIA is the acknowledged AI king, but its Canadian counterpart Celestica TSX:CLS ) is a better performer. However, two Mag 7 stocks are essential to Canadian portfolios. Market dominance Alphabet dominates the global search engi
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