When you hear or read about 'the market' being up or down, this is usually a reference to the S&P 500 market-capitalization-weighted index. The equal-weighted index, where the Mag 7 have only a 1.4% weight, has underperformed SPY by 27% since January 2023.
Source: The Magnificent 7 and the Dangers of Market Hype July 24, 2024
