The “Magnificent Seven” Stocks Dominate the S&P 500, Raising Concerns Over Market Concentration
Investors are well aware that a handful of prominent stocks have been the driving force behind the strong performance of the market this year. However, the extent to which the S&P 500 index is top-heavy deserves closer examination. The so-called “Magnificent Seven” stocks – Apple, Alphabet, Amazon.com, Meta Platforms, Microsoft, Nvidia, and Tesla – have propelled the S&P 500 more than 5% higher this year, following a successful end to 2023. The investor excitement surrounding artificial intelligence, in particular, has contributed to substantial gains for companies like Nvidia and Meta.
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