Big Tech stocks might still be the market's best value even after the Magnificent 7's rally

The dominance of the largest technology stocks, deemed the " Magnificent 7 ," in this Wall Street rally has led to worries about valuations and drawn more than one comparison to the tech bubble of 1999. But a closer look at those companies — ranging from Amazon to Microsoft to Nvidia — can also lead to another, possibly unexpected, conclusion: they may actually be the strongest part of the market, especially if the economy cools.

While the S & P 500 rose to a new high on Wednesday after the March update from the Federal Reserve, it was the small cap Russell 2000 that saw the bigger gain for the day, jumping nearly 2%. Optimistic strategists, like Fundstrat's Tom Lee , see the market rally continuing to broaden.

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