2024-03-11 03:07:00 ET
The stock market has sold off a little recently, but it has still been an overall excellent start to the year, with the S&P 500 up 7% as of market close March 6. However, some major stocks are under pressure.
The "Magnificent Seven" -- Microsoft (NASDAQ: MSFT) , Apple (NASDAQ: AAPL) , Nvidia (NASDAQ: NVDA) , Amazon (NASDAQ: AMZN) , Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) , Meta Platforms (NASDAQ: META) , and Tesla (NASDAQ: TSLA) -- collectively make up 29% of the S&P 500. The performance of these companies has ripple effects throughout the broader market.
Alphabet, now down 6% year to date, just joined Apple and Tesla in falling below its 200-day moving average. Here's why I'm watching that metric. It's not a buy or sell signal, but it's interesting.
For further details see:
A Third "Magnificent Seven" Stock Just Broke Below This Key Indicator. Should Investors Be Worried?