Lates News

Market analyst John Butters said that so far in the third quarter, five of the "Magnificent Seven" tech companies have posted EPS growth trailing the rest of the S&P 500 constituents. Nvidia and Apple have yet to report their latest quarterly results, but Butters noted that the combined expected EPS growth for the Magnificent Seven has fallen to 22.6% from 33.6% a month earlier. By comparison, the combined EPS growth for the remaining 493 S&P 500 companies stands at 32.6%. This means the Magnificent Seven's earnings growth is on track to lag the rest of the S&P 500 for the first time since the fourth quarter of 2022. Analysts expect this trend to continue into the fourth quarter of this year.