The Mag 7’s market whiplash

Chart of the Week

Apr 2, 2026

2 MIN READ

The Mag 7’s market whiplash

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The Mag 7, which drove S&P 500 gains from 2023-2025, are now weighing on 2026 returns as their collective weight in the Index has climbed to 34%.

authors

Christopher Bole

Vice President, Financial Writer

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S&P 500 annual return attribution

Line chart showing the annual contribution of the Magnificent 7 stocks to S&P 500 total returns from 2022–2026 YTD, with strong gains in 2023–24, a negative contribution in 2026 YTD and stable, moderate returns from the rest of the S&P 500.

Source: Bloomberg as of April 1, 2026.

After driving equity market gains over the past 3 years, the average Magnificent 7 stock is down 20% from its recent high.
These dominant tech stocks accounted for more than half of the robust equity markets’ gains from 2023–2025.
But what the Mag 7 giveth, they now taketh away. Year to date losses in the S&P 500 have been led by this cohort.
Notably, the group made up approximately 25% of the Index during the last negative year (2022); at approximately 34% today, their impact—positive or negative—is even more pronounced.
As concentration remains a persistent risk in public markets—and increasingly within the largest segments of the private markets—investors will need to prioritize avenues for diversification within their portfolios.

contributing authors

Christopher Bole

Vice President, Financial Writer

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