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Mag 7: Rotation or reset?

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Mega-cap tech returns have diverged to begin 2025, and the Mag 7 has trailed the S&P 500. Mag 7 earnings estimates have held up and relative valuations have come down. The S&P 500 may be able to weather a downshift in Mag 7 returns, but the sector level likely cannot.

Ned Davis Research | Equities | U.S. Sector & Industry Focus | Weekly

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