The Slumping "Magnificent Seven" It has been a dismal October with Treasury yields surging to multiyear highs and the S&P 500 benchmark set to close out its third-straight negative month. The tech-heavy Nasdaq has declined more than 3% month to date, and is also on pace for its third negative month in a row.
The “Magnificent Seven” used to refer to the 1960 Western film featuring Yul Brynner, Steve McQueen, Charles Bronson, and 4 other leading men of the day.
But stock market investors in 2023 recognize the term as the set of seven big tech stocks, namely Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla. It so happens they occupy the top spots in the S&P 500 index, as well as the Nasdaq.
The “Magnificent Seven” used to refer to the 1960 Western film featuring Yul Brynner, Steve McQueen, Charles Bronson, and 4 other leading men of the day.
But stock market investors in 2023 recognize the term as the set of seven big tech stocks, namely Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla. It so happens they occupy the top spots in the S&P 500 index, as well as the Nasdaq.
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