Contribution of ‘Magnificent 7’ to earnings growth is ‘diminishing,’ JPMorgan says: The influence of the “Magnificent Seven” on earnings growth among U.S.-based companies is dwindling by the quarter, according to JPMorgan. The firm found that the earnings growth spread between Magnificent Seven stocks and the rest of the S&P 500 fell to 20% in the fourth quarter. That’s the narrowest difference since the first quarter of 2023, when it came in at 10%. “While still a meaningful driver of U.S. earnings growth, the contribution of Mag-7 is diminishing, with some of the group having underwhelmed this quarter,” analyst Mislav Matejka wrote. “The spread between Mag-7 and S&P 500 ex Mag-7 earnings growth has reduced to the smallest in the last 7 quarters.”
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