The 'Magnificent Seven' stocks, which include major tech companies, are showing signs of losing their luster. Despite their earnings having outstripped the broader US market since 2005, their combined market cap has dropped to $14.5 trillion from a peak of $17 trillion. While tech earnings growth has outpaced the market over the last decade, the Russell 2000 Value index, which includes small-cap stocks, has only gained 1.9% year-to-date. Additionally, the S&P 400 EPS growth has outpaced the S&P 500 EPS growth in roughly two-thirds of the years since 2000, with a 3 percentage point faster EPS CAGR over that period (9% vs. 6%). Cons Discretionary and Industrials were top performers, but strength was mostly widespread except for Communication Services.