S&P 500 Set for Second Straight Weekly Loss, but Megacap Tech Cushions the Fall
CNBC reports the "Magnificent Seven" tech stocks are helping limit the broader market's decline this week.
The S&P 500 is on pace for its second consecutive weekly decline, according to a report from CNBC published Friday.
The report said that without the performance of the so-called "Magnificent Seven" — a group of large technology companies that has driven much of the market's gains in recent years — the pullback in stocks this week would have been "much more severe."
CNBC did not specify the exact percentage decline in the S&P 500 or provide additional detail on which sectors outside of megacap technology contributed most to the week's losses, based on the available excerpt of the report.
The reference to the "Magnificent Seven" typically denotes a group of dominant technology and growth-oriented companies whose combined market capitalization has come to represent an outsized share of the S&P 500 index in recent years, though CNBC's report did not list the specific companies included in this instance.
Further details on the drivers behind the broader market weakness, including any specific economic data, corporate earnings, or macroeconomic factors cited by CNBC, were not included in the available portion of the report.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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