Almost every bull market has a phrase attached to it calling out the stocks that are leading that market. In the 1970s it was the “nifty-fifty,” in the late 1990s it was the “dot.com era.” This year we have what many have called the “Magnificent Seven.”
The Magnificent Seven accounted for 12.3% or 73% of the market’s gains year-to-date. The seven stocks now make up about 28% of the S&P 500’s total value, a level of concentration that may be of concern to investors going forward.
Our July 2023 Market Commentary and review provided by provided by Peter W. Tuz, CFA, CFP®, President & Director, Portfolio Manager, Chase Investment Counsel.