The stock market saw something incredible in 2024, with the “Magnificent 7” tech giants leading the charge and driving a huge chunk of the S&P 500’s ($SPX) impressive 25% return. Big names like Nvidia (NVDA), Meta Platforms (META), Tesla (TSLA), Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT), and Apple (AAPL) outperformed the rest of the market by a wide margin. In fact, Howard Silverblatt from S&P Dow Jones Indices pointed out that these companies were responsible for more than half of the S&P 500’s gains.
Elsewhere in the market, the biopharmaceutical industry had a rough year in 2024, dealing with layoffs and restructuring.
