Two of the Magnificent 7 Get Shanghaied

Two of the Magnificent-7 are less magnificent. That's because China is in a recession and Chinese consumers are buying fewer of Apple's iPhones and Tesla's EVs. These two companies are also facing more competition from Chinese producers of similar consumer goods. So, they are down 11.6% and 27.3% ytd. Also down by 5.0% ytd is Alphabet, which is deemed to be late to the AI party with the new technology threatening its search business. The rest of the Mag-7 are up ytd by more than the S&P 500 (chart which is for the Mag-7 plus Netflix).

However, it has been a bad week so far for the Mag-7 as six of them are down by more than the S&P 500, while only Nvidia is up so far for the week (chart).