Magnificent seven stocks are keeping indices afloat

While the S&P 500 is still up 11% this year, it is entirely due to the tech giants which are up 81%Apple is one of the seven tech mega-stocks keeping the S&P 500 ahead this year even as many index constituents lose ground. Photograph: Rungroj Yongrit / EPA

Now, breadth concerns have resurfaced. Schwab strategist Liz Ann Sonders notes that while the S&P 500 is still up 11 per cent this year, this is entirely due to the magnificent seven, which are up 81 per cent. In contrast, an equal-weighted version of the S&P 500, which weighs each component stock equally, is flat.

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