The latest stock market rally is reviving a family operation, but not all of the Magnificent Seven are willing to go along.
The Nasdaq Composite (^IXIC) just posted a rare eight-day winning streak, while the Roundhill Magnificent Seven ETF (MAGS) notched its best eight-day gain since last May.
This chart splits the move into two parts: the sell-off from February 27 to March 30, which spanned the start of the US-Iran war, and the rally from the March 30 lows, which gained strength as hopes for a ceasefire grew.
But under the hood, the bounce has divided the Mag 7 into two camps. Amazon (AMZN), Nvidia (NVDA), Alphabet (GOOGL), and Meta (META) rebounded from late March lows, while Tesla (TSLA), Microsoft (MSFT), and Apple (AAPL) lagged behind.
Meta is a special case. It rebounded strongly from the lows, but unlike Amazon, Nvidia and Alphabet, it has yet to rise back above its pre-war starting point.
Tesla stands out even more. It is the only value in the group that fell in both periods and is down 13% throughout the period.
The latest rally is sharpening a lesson investors have been learning for more than a year: The “Mag 7” was a useful label for a moment, not a lasting market reality. At their core, these stocks still tell seven different stories.
Jared Blikre is Yahoo Finance’s global markets and data editor. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
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