The Other 493 Are Carrying the Torch 🌤️ The Morning Print

Good morning! 

The Magnificent Seven have largely struggled to keep pace with the rest of the market.

Let's take a look.

Just a few years ago, the prevailing narrative was that it was "only" seven stocks working in the market.

Today, that story has completely reversed.

The other 493 stocks are outperforming the Mag Seven year-to-date.

Heavyweights such as Microsoft, Meta, and Tesla have weighed on the ETF's performance, with each down 10% or more so far in 2026.

The market's largest companies are no longer generating the strongest returns.

And that shouldn't be surprising given the size of these companies.

Leadership is now broadening as smaller stocks begin to contribute in a meaningful way, a trend also reflected in the recent breakout of small-caps relative to large-caps.

This is classic bull market behavior.