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With the S&P 500 Index near record highs, have we moved past peak dominance for the Magnificent Seven ("Mag 7") group of stocks? It appears so, and it represents a healthy move away from the extreme concentration that raised concerns about risks to investor portfolios.
After three years of the Mag 7 accounting for a majority of the S&P 500’s annual return, more companies are now contributing; by 30 September, non-Mag 7 stocks represented 59% of this year's return.
Fresh breadth may support the S&P 500’s rebound after its early 2025 selloff. The index has surged 36% since hitting an 8 April low.
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