The Dow was cruising to its first close north of 48,000 on Wednesday, but Magnificent Seven stocks were a big drag on the S&P 500 and Nasdaq Composite.
The blue-chip index was up 400 points, or 0.8%, and on pace to build on yesterday’s closing high. The S&P 500 was up just 0.1%. The Nasdaq was down 0.3%.
Stock market breadth was actually solid: the Invesco S&P 500 Equal Weight ETF was up 0.6%. That index weighs each S&P 500 stock evenly, meaning the Mag 7 has as much pull as any other group of seven in the index.