Industrial company 3M ( MMM 1.15%) was the index's top performer in January with a 17.9% gain. Part of the stock's movement came after the company reported fourth-quarter results. Adjusted sales, which remove acquisitions/sales and foreign currency effects, grew 2.1% compared to a year ago. Diluted earnings per share fell 1.2% to $1.68.

Despite all the fireworks on Monday, including a 17% decline for Nvidia’s stock, the S&P 500 index ended January with a 2.8% gain and 72% of its stocks were up for the month.

On Monday, the Dow Jones lost another 0.28 percent, while the S&P 500 and the Nasdaq Composite both registered steep declines of 0.76 percent and 1.20 percent, respectively.

Although most stocks made forward progress in January, a few of them bucked the bigger trend for understandable reasons.

The "Magnificent Seven" group of stocks dominated 2024, leading the tech sector to another banner year. As you can see from the chart below, virtually every Magnificent Seven stock beat the S&P 500 last year.

This story has been corrected to clarify that the stocks are part of the Dow Jones Industrial Average (DJI), not the Global X Dow 30 Covered Call ETF (DJIA).