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‘Magnificent 7’ isn’t going to ‘quietly end the year,’ Chris Verrone says
The “Magnificent Seven” may be due for more big moves heading into 2025, according to Strategas Research Partners head of technical analysis Chris Verrone.
“The Mag 7 is not going quietly to end the year,” he wrote in a Thursday note. “The most important thing on our screens the last few weeks has been the return of mega-cap leadership after a lengthy rest.”
Verrone noted that Amazon
, Meta Platforms
, Apple
, Alphabet
and Tesla
all hit fresh highs in the previous session. Those stocks have seen year-to-date gains of more than 50%, more than 78%, nearly 29%, more than 37% and more than 69%, respectively.
During Thursday’s trading day, the CNBC Magnificent Seven index hit a new 52-week high.
— Sean Conlon
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