“Once again the US has led the way propelled by the Magnificent Seven - a group of companies whose respective spheres of business actually have little in common.
“Yet they do serve as another example of how markets are driven by a small group of big winners and not the rising tide.”
On December 11 the S&P 500 managed, for the first time in 2023, to close higher despite a decline for all of the 'Magnificent Seven' stocks.
It was only the seventh time in the past five years this had happened, according to Financial Times analysis.
It came after the index added 0.4 per cent to close at its highest since March 2022, with technology being the only sector to decline.
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
