Here's why Nvidia, Microsoft and other ‘Magnificent Seven' stocks are back on top in 2024

Megacap technology stocks have retaken leadership of the U.S. stock market as the S&P 500 hit yet another record closing high, defying hopes on Wall Street for a more broad-based rally. Since the start of 2024, the so-called Magnificent Seven have gained a combined $540.7 billion in market capitalization, compared with a total market-cap gain of $802.5 billion for the S&P 500 through Tuesday’s close, according to Dow Jones Market Data. Some members of the group, including the high-flying artificial-intellig ...