The Magnificent Seven may be getting most of the credit for driving the S&P 500 to ever greater heights this year, but investors' obsessions with this small group of big name tech stocks may be wearing off, according to Bank of America.
The Magnificent Seven—the movie-inspired name for Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—have been responsible for a good portion of the S&P's big surge this year, with Nvidia alone accounting for a third of the S&P's gains. But BofA analysts expect the "Other 493" to get in on more of the action as second quarter earnings get underway.
