1 month ago
The Magnificent Seven Are Looking Awfully Mediocre Lately
The Magnificent Seven stocks were mixed again on Friday as the group of megacap technology stocks continued to languish.
Among the group, Amazon.com was the leader today with a gain of 1.2%. Meta Platforms and Apple were up 1%. Microsoft was up 0.5%. Tesla was down 0.3%, while Nvidia was down 0.3%. Alphabet fell 1.3%.
The Roundhill Magnificent Seven ETF was flat, on track to close down for its fifth consecutive week. That would be the longest losing streak for the ETF, which launched in April 2023, according to Dow Jones Market Data.
The Magnificent Seven stocks have been struggling. In July, traders took profits in the group and started buying smaller stocks. Big tech earnings season also disappointed, while a wave of softening economic data sparked selling across the stock market that hit highflying tech stocks especially hard.
These days they’re looking more like the “Mediocre Seven.”
