2024-02-11 03:24:52 ET
Summary
- NVIDIA and Meta Platforms have surged, while Apple and Tesla have struggled, shaking up the Magnificent Seven.
- The Mag 7's weight in the S&P 500 has reached 29% but its earnings share is at a record high, too.
- The MAGS ETF has performed well, but has low assets under management and liquidity, and a below-market expense ratio, and its technical situation is encouraging.
- Still, a tough calendar stretch is now underway, and I highlight key support to monitor on the chart.
The Magnificent Seven has undergone a bit of a transformation over the past several months. NVIDIA ( NVDA ) and Meta Platforms ( META ) have surged while shares of Apple ( AAPL ) have meandered. Tesla ( TSLA ), meanwhile, has plunged. Some pundits suggest that Elon Musk’s EV company should be removed from the colloquial “Mag 7” group for good, perhaps replaced by names like Broadcom ( AVGO ) or even Eli Lilly ( LLY ) which are now larger than Tesla by market cap. ...
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The Magnificent Seven Takes On A New Look, Diving Into MAGS