Market Musings 250524: Beware the narrowing of Mag 7 performance

Market Musings 250524: Beware the narrowing of Mag 7 performance

2024: So far, so good...
The year so far to May 23 has been a good one for global stocks around the world in general. The Euro STOXX 50, the benchmark index in Europe, has advanced 14% including dividends a year to date. The Samp;P 500 in the US is up 11.5%. Japan, if you look in dollar terms, is up 10%. And even the UK is not doing so badly with the FTSE 100 gaining 9.4% including dividends.
So, the year so far has been pretty healthy for investors in stocks, driven by a healthy level of global liquidity, decent earnings, robust outlooks and of course economic growth that has been pretty decent on a global basis led by the US, and in particular the US consumer.
No Longer the Magnificent 7, are we down to just the Dynamic Duo?
However, there are clouds on the horizon, if you look over the last 3 months at the performance of the so-called Magnificence 7, those groups of 7 mega-cap technology-related stocks that have performed very well, leading  the world stock market for the last few years.
But today we are starting to see some...