The Magnificent Seven stocks were on track to add $821 billion in market cap in Monday’s risk-on rally, according to Dow Jones Market Data.
The group of megacap tech stocks that is made up of Apple, Amazon.com, Tesla, Microsoft, Nvidia, Alphabet, and Meta Platforms was on pace for its second-largest one-day market cap gain; the group added $1.85 trillion in market cap on April 9 when President Donald Trump paused his “reciprocal tariffs” beyond 10% for 90 days.
The Roundhill Magnificent Seven ETF, which offers exposure to the group, was up 5.6% to $50.58. That would be its highest close since Feb. 28. It’s now only down 13% from its Dec. 17 record close.
With the bulk of tariffs on China reduced to 30% for 90 days, Wall Street was piling into riskier stocks. The Invesco S&P 500 High Beta ETF was up 5.4%, on track for its highest close since Feb. 26 and its best day since April 9.
On the flip side, bond yields were rising as traders sold bonds. Consumer staples and utilities were the S&P 500’s sectors on the decline.