Market Perspective Quick take – The magnificent broader market

Market Perspective

February 15, 2024

Quick take

The Magnificent 7 (Mag 7), an acronym used for several dominant growth names, have been getting most of the attention over recent months. While there is no doubt that this area has outperformed and provided market leadership, this is not the only part of the market that is up.

Indeed, since the October 27, 2023 market low, we have seen a broad-based rally, with market returns ranging from 19.8% to 28.8%.

While the tech sector, led by the Mag 7, is leading with a gain of 28.8% since this low, what may be surprising to some is financials are up 26.2% and trading near a two-year high. Industrials are up almost 23%, trading at an all-time high.

Small caps returned 23.3% and mid caps are up 22.4%, slightly outpacing the 22% gain of the S&P 500. Mid caps are now trading at a more than 2-year high.

The S&P 500 Equal Weight Index has lagged slightly but still up almost 20% since the October low, and now trading near a 2-year high.

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