The earnings growth of the Magnificent Seven may lag the rest of the S&P 500 for the first time since late 2022.

Market analyst John Butters said that so far in the third quarter, five of the "Magnificent Seven" tech companies have posted EPS growth lagging behind the rest of the S&P 500 constituents. Nvidia and Apple have yet to report their latest quarterly results, but Butters said the combined expected EPS growth for the Magnificent Seven has fallen to 22.6% from 33.6% a month earlier. By comparison, the other 493 companies in the S&P 500 have a combined EPS growth rate of 32.6%. This means the Magnificent Seven's earnings growth is on track to fall below that of 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.