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Magnificent Seven Companies Drove US Stock Market Gains This Year
Magnificent Seven Companies Drove US Stock Market Gains This Year
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Wall Street leaned heavily on its tech giants this year, with the 'Magnificent Seven' companies accounting for over half of the S&P 500's 23% gain between January and December 19. According to Bespoke Investment Group, Nvidia, Microsoft, Apple, Meta Platforms, and others contributed significantly to the index's rise. However, the broader rally investors hoped for after 2023's tech-fueled recovery did not materialize. Nvidia, in particular, stood out as the year's crown jewel, surging 175% thanks to its dominance in artificial intelligence hardware.
