Chart of the Day: Mega-Cap Tech for the Win

Today’s Chart of the Day shared by @KobeissiLetter on X, formerly known as Twitter, shows that seven companies, often called “The Magnificent Seven” consisting of Facebook, Amazon, Apple, Microsoft, Google, Tesla, and Nvidia, have provided a 54% year-to-date return, while the remaining 493 of the S&P 500 have only generated 4%. Another way to look at it is that seven stocks produced 60% of the year-to-date return of 15% for the S&P 500. The odd thing is that even with these fantastic returns, all are down from their record high prices at the start of 2022. For instance, Amazon is down 33%, Tesla is down 40%, and Apple is down 13% from their previous record high prices.