By Corey McLaughlin
The "S&P 493" is back in the lead...
The so-called "magnificent" stocks have been – finally – underperforming the rest of their peers.
We can track the performance of the "Mag 7" stocks using the Roundhill Magnificent Seven Fund (MAGS). This tracks Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META), Nvidia (NVDA), and Tesla (TSLA), and equally weights them in an exchange-traded fund.
Since July 10, MAGS is down around 12%. The S&P 500 is just about even. The popular mega-cap tech stocks are heavily weighted in the S&P 500 and account for about 30% of the benchmark index... So this means the rest of the market is outperforming the headliners.