Is The Mag 7 Losing Some Of Their Lusters?
All of a sudden, it's starting to look like the "Magnificent Seven" might be losing some of their shine.
Although it's difficult to draw conclusions like this from a single trading session, something remarkable happened in the U.S. stock market on Monday that has caught Wall Street's attention and raised fresh questions about leadership in the U.S. stock market going forward.
All three major U.S. equity indexes finished at fresh 52-week highs, with the Dow Jones Industrial Average DJIA closing at its highest level in nearly two years. Yet not a single member of the "Mag 7" finished in the green. Instead, they were all deeply in the red, with every member of the elite group of megacap technology stocks finishing at least 1% lower, except Microsoft Corp. (MSFT).
How unusual is this? Turns out, it's extremely rare for the Nasdaq to finish higher without any help from its most heavily weighted stocks.
Monday's session marked only the second time since Facebook parent Meta Platforms Inc. made its market debut in 2012 that the Nasdaq-100 NDX managed to finish in the green while all seven "Mag 7" stocks closed in the red, according
to Dow Jones Market Data. The last time it happened was Nov. 9, 2016, the day after Donald Trump's upset victory over Hillary Clinton in the U.S. presidential election.
Posting for coin only
⚠️ Trading tips: looking at META calls above 326.5 and puts under 323.5 on Tuesday after CPI data. Expect some chop before Fed announcement on Wednesday at 2:30pm.
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Modify on 2023-12-12 22:26
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