The Mag Seven Take a Back Seat π The Chart Report
Chart of the Day
π Today's Chart of the Day was shared by Larry Tentarelli.
The Equal Weight S&P 500 (RSP) and Russell 2000 (IWM) both made new intra-day all-time highs today, while the Magnificent Seven (MAGS) remain negative on the year.
That performance gap highlights a meaningful shift in leadership away from the market's largest stocks, as capital continues rotating into the broader market.
With the S&P 500 already up more than 8.5% year-to-date, a second-half recovery from the Mag Seven could provide an additional tailwind for the market given their significant weight in the index.
The Takeaway: The Magnificent Seven have transitioned from leading the market to lagging it.
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