S&P 500 is broadening out from the Magnificent 7 - Citi

seekingalpha03-20

Citi argued on Wednesday that data is starting to suggest that the S&P 500 is broadening out in terms of its performance and is showing signs that it’s no longer as weighted towards the Magnificent 7 ...

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Nearly half of the index (233/500) has climbed +5% or more YTD,” Citi's U.S. equity strategy team stated in an investor note. The financial institution added that while the mega-cap sector homes of Info Tech (XLK) and Communication Services (XLC) have outperformed the S&P 500, they are not the only sectors to do so. Energy (XLE) and Financials (XLF) are also outperforming the broader average while segments like Health Care (XLV) and Industrials (XLI) are not far off the pace as well. Citi further noted that of the Magnificent 7 names, Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META) and Alphabet (NASDAQ:GOOG) have now contributed 4.7% of the 8.3% S&P 500 2024 returns. “Said differently, 57% of the index performance this year has been a function of these names,” the firm noted. At the same time the other two Mag-7 names Tesla (NASDAQ:TSLA) and Apple (NASDAQ:AAPL) together have been -1.2% drag on the benchmark index in 2024. On a separate stance, over the past month, the world’s largest exchange traded fund SPDR S&P 500 ETF Trust (SPY), which is weighted towards the Magnificent 7 group, is higher by 3.8%, while the Invesco S&P 500 Equal Weight ETF (RSP), which evenly distributes its portfolio allocation across the S&P, is not far behind at+3.4% over the past month. Magnificent 7 2024 year-to-date returns: NVDA +80.5%, META +40.2%, AMZN +15.7%, MSFT +12.1%, GOOG +4.9%, AAPL -8.5%, and TSLA -31.1%.  More on the Magnificent 7   Tesla: It's Not 2023 Anymore Meta Platforms: Future Dividend Growth Monster? Nvidia Advances GenAI Adoption Apple: AI Hype Finally Reaching Cupertino (Upgrade) Amazon Is Poised To Continue Delivering Upside","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2420721595"}