SPX: S&P 500 Falls but Stays Above Record $50 Trillion. Thank the Magnificent Seven.

A little over $10 trillion has poured in during the first three quarters of this year. But it’s mostly in seven big tech stocks.

• The S&P 500 index pulled back on Thursday, retreating from its record high set Wednesday after the latest batch of inflation data painted a mixed picture. Still, the broad-based Wall Street stock average continues to sit above the monumental milestone of $50 trillion in valuation. Behind the massive price tag are the market caps of 500 companies. But a very special group of seven members stands out as the biggest contributor.
• Going by the name the Magnificent Seven, this ultra-elite club of big tech stocks holds about 30% of the S&P 500’s total weighting, or more than $15 trillion. So who’s in? The household names you’ve heard many times before — Microsoft MSFT, Apple AAPL, Amazon AMZN, Nvidia NVDA, Google parent Alphabet GOOGL, Facebook parent Meta META, and Tesla TSLA.
• The relentless pursuit of AI-fueled returns has propelled these seven stocks to record highs. The upside swing has seen more than $10 trillion added to the S&P 500 this year alone as the index boasts returns of 21%, or more than 1,000 points. The index has come a long way as it represents the health of the world’s biggest economy. Fun fact: the S&P 500 first crossed 100 points back in 1968. Mandatory “imagine if you bought back when.”