One number. One chart. One insight moving markets today.
Still Their Market 💪
By Grant Hawkridge
October 27, 2025
Today's number is... 12.4
The Magnificent Seven have outperformed the S&P 500 excluding those same seven stocks, by 12.4 points this year.
Here’s the chart:
Let's break down what the chart shows:
The chart displays four lines showing year-to-date performance:
The green line plots the Magnificent Seven basket.
The gray line plots the cap-weighted S&P 500.
The red line plots the S&P 500 Equal Weight.
The black line plots the S&P 500 excluding the Magnificent Seven.
The Takeaway: The Magnificent Seven remain the engine of this bull market.
They are up 19.3% in 2025, while the S&P 500 excluding those names is up 6.9%, a 12.4 point gap that shows how much the top group drives returns.
That leadership has come with volatility. The Mag 7 fell by more than 20% from their December 2024 highs, entering a brief technical bear market, yet they have since rebounded to new highs.
That recovery shows real strength in the group and highlights how powerful their primary trend still is.
If S&P 500 Equal Weight and S&P 500 Ex-Mag 7 start closing the gap, it becomes a stronger market for stock pickers.
If they do not, the major indexes will continue to depend on a small group.
That can work, but it increases concentration risk.
A stumble from the leaders would matter more than usual.
Do we get broadening from here, or do the giants keep carrying the load?
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