Magnificent Seven Stocks Are Rallying, but So Is Most of the Market
The stock market was rising broadly but there were a few exceptions.
With the S&P 500 up 0.4%, roughly 321 of its member stocks were rising. The Dow was up 100 points, or 0.2%. The Nasdaq Composite was up 0.8%.
The Invesco S&P 500 Equal Weight ETF was up 0.5%, signaling the S&P’s gains weren’t just driven by a few large firms, though tech stocks were doing well.
The entire group of Magnificent Seven stocks were on the rise, with Apple the biggest laggard with a gain of 0.2% and Tesla the leader with a gain of 2.2%. The Roundhill Magnificent Seven ETF, which offers exposure to the seven much-discussed megacap stocks, was up 1.3%.
After falling to their lowest close in more than a year, Treasury yields ticked up today. The 2-year yield was up to 3.611%. The 10-year yield was up to 3.644%.
The top sectors in the S&P 500 were energy and consumer discretionary, followed by financials, industrials, materials and tech. Health care, consumer staples, and real estate were all down on the day.