Magnificent Seven Influence Over S&P 500 Has Never Been Greater
- Group of seven stocks now account for about 30% of the index
- Nvidia and Meta’s big gains outweigh Tesla’s poor performance
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The Magnificent Seven haven’t all lived up to their billing, but that hasn’t stopped the tech stocks from becoming even bigger relative to the rest of the S&P 500 Index.
Despite poor performances this year from the likes of Apple Inc. and Tesla Inc., the group hit a record weighting in the benchmark on Thursday amid a broad rally in technology shares.