The long-awaited Fed rate cut is likely great news for the broader stock market. Unlike this summer, however, where shifts in the market saw a massive stock rotation out of mega-cap companies, this new boom is unlikely to come at the expense of the tech giants largely responsible for driving major indices to record highs.
All seven members of the so-called Magnificent Seven—a movie-inspired moniker that refers to Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—saw their stocks surge along with the overall market on Thursday as the Dow closed above 42,000 for the first time. As stocks held relatively steady on Friday, Meta led the way with a 7% gain for the week.
