Investors will be watching whether profits from other companies are catching up with the "Magnificent 7". — Bloomberg
NEW YORK: Hopes that the US stocks rally will broaden beyond megacaps like Nvidia will be tested in coming weeks as investors learn whether profit growth from other companies is starting to catch up with that of the tech-related leaders.
The S&P 500 has rallied 16% so far in 2024, driven by a handful of massive stocks poised to benefit from emerging artificial intelligence technology. Only 24% of stocks in the S&P 500 outperformed the index in the first half, the third-narrowest six-month period since 1986, according to BofA Global Research strategists.
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