AMZN -10% vs Costco flat / WMT -3%

Sag7

The Magnificent 7 Index is now down over -30% from its all time high seen on December 18th. While the S&P 500 is down -7.5% year-to-date, most investors are down much more. Large cap tech is beyond bear market territory. What is more concerning and somewhat intriguing is that the Magnificent 7 is not showing much of defensive characteristics.