The story of the stock market this year is now being called 'the magnificent 7' for the seven mega-cap tech stocks that are up massively since November and carrying the market this year. Here's how they're doing today:
- Amazon +3.8%
- Alphabet +1.7%
- Tesla +1.6% (after falling 4% at the open)
- Microsoft +1.6%
- Meta +0.4%
- Nvidia +0.1%
- Apple +1.5%
The performance of that group has truly been magnificent but I don't know how much more they can do alone. Excluding that group, the market is floundering. While the Nasdaq is up 30% this year, the Russell 2000 is up 5% and the equal weighted S&P 500 is up 3.5%.
Right now I worry that there's some quarter-end window dressing going on with all the funds wanting to show holdings in those seven names. That will leave the vulnerable to selling after the turn of the calendar, but also note that the first two weeks of July are the strongest seasonal period on the calendar.
