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The Magnificent Seven could be called the messy seven after a 'meh' third quarter

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The so-called Magnificent Seven lost some luster in the latest quarter, as they proved no longer the big market drivers they were earlier this year.

The seven largest tech stocks — Apple Inc. AAPL, +0.30%, Microsoft Corp. MSFT, +0.67%, Alphabet Inc. GOOG, -0.96% GOOGL, -1.10%, Amazon.com Inc. AMZN, +0.90%, Nvidia Corp. NVDA, +0.95%, Tesla Inc. TSLA, +1.56% and Meta Platforms Inc. META, -1.23% — could perhaps better be known as the “messy seven” after a third-quarter performance that was far less correlated with the S&P 500 SPX than what was seen in the second quarter.

See also: September’s U.S. stock-market rout left just 1 winner as defensive sectors failed to provide shelter Back then, all seven names outperformed the S&P 500, with Nvidia shares leading the pack amid heavy optimism around artificial-intelligence.

 

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