The Magnificent 7 group of mega-cap growth stocks, including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, is expected to experience a slowdown in earnings growth. These large-cap leaders experienced a 14% decrease in earnings in 2022 while the rest of the S&P 500 saw 9% growth. However, since then, the Mag 7 stocks have outperformed the market in terms of earnings growth and returns, posting a 31% increase last year.
The Magnificent 7 accounted for 89% of the S&P 500’s return in 2023, indicating the market’s top-heavy nature. Despite some diverging performances among the Mag 7 stocks this year, JPMorgan Asset Management (JPMAM) still compares the group to the rest of the S&P 500.
JPMAM projects that the gap between Magnificent
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