On March 24, according to The Kobeissi Letter, US 'Magnificent Seven' stocks have decoupled from other market sectors. The 100-day correlation coefficient between the Magnificent Seven index and the S&P 500 Equal Weight Index has fallen to a new low of **-0.27**, the lowest negative value since June 2023. This indicates that large-cap tech stocks and the broader market are exhibiting inverse movements. Since 2019, there has only been one other period with a lower correlation coefficient: Q1 and Q2 of 2023, when the AI boom drove tech stocks up by 45% while the S&P 500 only rose by 7%. The current landscape has reversed: over the past three months, the Magnificent Seven have significantly underperformed the broader market. The Magnificent Seven have entered a new phase.
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US 'Magnificent Seven' Stocks Diverge from Broader Market, Correlation Turns Negative
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