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Weekly Market Update

Magnificent 7 vs. The Rest

Head of North American Investment Strategy & Research

Insight of the Week

One could pretty easily make the case that 2023 was the year of the Magnificent 7 (Mag7), but since the beginning of the year, investors have witnessed the pullbacks in Apple (–12%) and Tesla (–30%). Has the Mag7 become vincible once again? Nope – let us not forget there are 5 other members that have more than offset the weakness in these names.

The Mag7s have doubled the performance of the other US large caps YTD, with Nvidia’s amazing 82% return leading the pack. This continued dominance by the largest benchmark weights has many wondering if there are other opportunities out there. How do US company fundamentals look? Can other companies compete with the Mag7s, and if so where do they reside?

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