Other Market Undercurrents

After barely dodging a bear market decline in April, the S&P 500 proceeded to surge 39% through year end. The Mag Seven stocks followed the same pattern in exaggerated form. All seven names ended 2025 in positive territory, but contributed much less to overall performance than the previous two years. Still, their effect over the past three years is overwhelming: S&P Top Ten Index +188% vs. the Equal Weighted S&P 500 +43%.