The S&P 500 can only go so far when a majority of its stocks are struggling.
That was the case Monday, as the index dropped 0.2% after being lifted by a handful of larger, riskier stocks earlier in the morning. The Dow was down 150 points, or 0.3%. The Nasdaq Composite, which is far more concentrated with tech, was up 0.1%.
For the Nasdaq, it’s on track for its tenth record close in 11 sessions. It’s risen 21 of the past 21 trading days, which would be the most daily gains in a 25-day span for the index since July 2020.
The S&P was only down a touch thanks to gains for stocks like Super Micro Computer, Advanced Micro Devices, and Nike. Overall, four of the so-called Magnificent Seven stocks were on rise: Tesla, Nvidia, Amazon.com, and Meta Platforms. Apple was flat, while Microsoft and Alphabet were each down about 0.4%.
The Roundhill Magnificent Seven ETF was up 0.6% to $58.12, putting it on track for its highest close since its record of $58.24 on Dec. 17, according to Dow Jones Market Data. It was trading around $40 during the early-April tariff selloff.
While larger stocks have made up for mixed breadth in some recent weeks, Microsoft, Meta Platforms, Apple, and Amazon.com will test the run when they report results this week.
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