Hartnett: The Macro, Momentum And Misfit Trades

After this week's (short but sharp) meltup by the Mag7 names following blowout earnings by META and MSFT (if not so much AMZN and AAPL), the market cap of the 7 largest tech names as a percentage of the S&P500 briefly surpassed their previous all time high of 31.8% set in January of 2025. It then, however, quickly reversed after Friday post-payrolls selloff, which saw the first 1% drop in the S&P since June 13.