Stocks were trading sideways on Tuesday, but the Magnificent Seven stocks just kept rolling.
After the group of megacap stocks lifted the market to fresh highs yesterday, they were buoying the major indexes on Tuesday.
The Roundhill Magnificent Seven ETF was up 0.4%; Tesla and Amazon.com were up 1.7%; Apple was up 1.2%; Meta Platforms was up 0.5%; Alphabet, Microsoft, and Nvidia were all down but none were down more than 1%.
The rest of the market was struggling. The Dow was down 171 points, or 0.4%. The S&P 500 was down 0.1%. The Nasdaq Composite was moving in and out of negative territory despite the Big Tech gains. Only 170 S&P 500 stocks were up on the day, while nine of the 11 major sectors were flat or down. Energy, up 1.2%, and consumer discretionary, up 0.7%, were the exceptions.