Magnificent Seven Influence Over S&P 500 Has Never Been Greater

image is BloomburgMedia_SBSRAVT0AFB400_14-04-2024_17-54-18_638486496000000000.png

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. 

The cohort, which also includes Alphabet Inc., Microsoft Corp., Nvidia Corp., Inc. and Meta Platforms Inc., now accounts for almost 30% of the S&P 500, more than the industrial, consumer staples, energy, materials, utilities and real estate sectors combined.


The tech giants have been buoyed by Nvidia, which has about 81% this year amid heavy demand for its chips used in artificial intelligence computing. Meta has jumped 47% while Amazon is up 24%. Microsoft and Alphabet have each outperformed the S&P 500. Apple is down about 9%. 

The group has been weighed down by a drop of around 30% in Tesla shares this year, as the firm contends with a slowdown in demand for electric vehicles. Investors have lacked clarity needed to bet on a lasting recovery. 

(Updates stock moves in paragraph four.)

©2024 Bloomberg L.P.

By Jeran Wittenstein


Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.

By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.

Back To Top