Market Call: Meta's Universe

Meta is leading the stock market to where it has never gone before, i.e., to new record highs. Its stock price rocketed 20.3% on Friday, adding $204.5 billion to its market value, the biggest one-day gain by any US company in history. Industry analysts scrambled to raise their earnings forecasts for the company following Thursday's after-the-close earnings call with management (chart). As a group, the Magnificent-7 remain magnificent.

The Mag-7 once again are sucking all the air out of the universe. As a result, the S&P 500 continues to outpace the S&P 500 equal-weight index as well as the S&P 400 MidCaps and the S&P 600 SmallCaps (chart).