Magnificent 7 Still Comprise Over 30% Of S&P 500 Despite Tech Correction
Portfolio Pulse from Hayden Buckfire
Despite a recent correction in tech stocks, the 'Magnificent Seven' companies still make up over 30% of the S&P 500. The Roundhill Magnificent Seven ETF (MAGS) has dropped over 10% in the past two weeks, but the ETF is still up over 35% for the year. Experts warn of potential overvaluation in stocks like NVIDIA.
July 24, 2024 | 4:40 pm
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NEGATIVE IMPACT
Apple Inc. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions.
Apple's stock has been affected by the broader tech correction, contributing to its recent decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Amazon.com Inc. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions.
Amazon's stock has been affected by the broader tech correction, contributing to its recent decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Alphabet Inc. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions.
Alphabet's stock has been affected by the broader tech correction, contributing to its recent decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Roundhill Magnificent Seven ETF has dropped over 10% in the past two weeks but remains up over 35% for the year.
The ETF has experienced a significant short-term decline, which may concern investors despite its strong year-to-date performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Meta Platforms Inc. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions.
Meta's stock has been affected by the broader tech correction, contributing to its recent decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Microsoft Corp. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions.
Microsoft's stock has been affected by the broader tech correction, contributing to its recent decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
NVIDIA Corp. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions. Experts warn of potential overvaluation.
NVIDIA's stock has been affected by the broader tech correction, and experts warn of potential overvaluation, which could lead to further declines.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust has seen a nearly 3% drop over the past 10 market sessions, influenced by the decline in the 'Magnificent Seven' stocks.
The decline in the 'Magnificent Seven' stocks has contributed to the nearly 3% drop in the SPDR S&P 500 ETF Trust.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Tesla Inc. is part of the 'Magnificent Seven' and has seen a decline over the past 10 market sessions.
Tesla's stock has been affected by the broader tech correction, contributing to its recent decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80