As the market recovers from April lows, the heavyweights are back in action after a brief respite, with the Magnificent 7 stocks leading nearly 55% of the S&P 500’s market capitalization recovery.
What Happened: “The Magnificent 7 alone have accounted for nearly 55% of the total market cap gains since April 7th,” highlighted Otavio Costa, a macro strategist at Crescat Capital, in an X post.
Resharing Costa’s post, the Kobeissi Letter quoted that “The market cannot survive without Big Tech.”
Out of the S&P 500’s $7.5 trillion market cap gain since April 7, nearly $4 trillion was added by the Magnificent 7 stocks.
“This means the Magnificent 7 has contributed ~9.1 percentage points to the 16.8% return of the S&P 500 during this period,” said Kobeissi in its X post.
According to Benzinga Pro, Tesla Inc. TSLA and Nvidia Corp.‘s NVDA share prices have surged by 45.35% and 42.33%, respectively, since April 7.
Whereas, SPDR S&P 500 ETF Trust SPY, tracking the S&P 500 index, rose 18.15% during the same period.
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Why It Matters: The Magnificent 7 stocks have had a tough year in 2025, but a few of them have recovered on a year-to-date basis.
Apple Inc. AAPL, Alphabet Inc. GOOG, and Tesla were still down in double digits for 2025.
Stocks | YTD Performance | One-Year Performance |
Nvidia Corporation NVDA | 2.61% | 15.91% |
Apple Inc. AAPL | -16.83% | 3.55% |
Microsoft Corp. MSFT | 10.82% | 9.40% |
Amazon.com Inc. AMZN | -5.90% | 14.31% |
Alphabet Inc. GOOG | -11.14% | -4.34% |
Meta Platforms Inc. META | 14.80% | 38.96% |
Tesla Inc. TSLA | -12.45% | 89.74% |
During the first quarter, these seven companies reported an earnings growth of 27.7%, which was above the estimate of 16% as per the FactSet data.
Price Action: The SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, ended on a mixed note on Wednesday. The SPY was down 0.027% at $595.93, while the QQQ advanced 0.28% to $528.77, according to Benzinga Pro data.
The futures of the S&P 500, Nasdaq 100 and Dow Jones were lower on Thursday.
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