The Magnificent Seven Mania Gives Way to a Something-Else Rally
‘This market wants to rotate, and it’s starting to happen,’ RBC’s Calvasina says
Big Tech’s rocket ride has slowed a bit, and Wall Street’s rally — after some fits and starts — is starting to broaden out.
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It turns out that the Nasdaq 100’s highest-flying stocks are susceptible to gravity after all. Under the Don’t Look Now heading, Big Tech’s benchmark index finished last month trailing the S&P 500 Equal Weight Index, which corrects for the Magnificent Seven’s outsized market caps.