The Magnificent Seven: Life imitates art or art imitates life?
The stock market continues to gather steady momentum, with the S&P is now up over 16% in 2023 and it is less than 8% from hitting a new record high.
We’ve come a long way since the dark days of 2022!
However, if we look closely at the S&P500’s performance, it seems that the performance is led by 7 key stocks that represent the promise of AI and Tech.
The market has a new name for these: The Magnificent Seven.
They are comprised of Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla.
The Magnificent Seven are now the largest seven US-listed companies and all are in Tech, some strategists worry that if interest rates rise again it could spell doom for the broader market.
BTW, the phrase “the Magnificent Seven” refers to the 1960 film of the same name where seven gunslingers hired to defend the village against bandits.
At the end of the movie, not all of the original seven made out alive.