23:02:18 EDT Tue 16 Apr 2024
Enter Symbol
or Name

JPMorgan CDR (CAD Hedged)
Symbol JPM
Shares Issued 2,200,000
Close 2024-02-01 C$ 23.39
Market Cap C$ 51,458,000
Recent Sedar Documents

Globe/wire say JPMorgan warns on the Magnificent Seven

2024-02-01 08:56 ET - In the News

Also In the News (C-AMZN) Amazon.com CDRs (CAD Hedged)
Also In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)
Also In the News (C-META) Meta CDR (CAD Hedged)
Also In the News (C-MSFT) Microsoft CDR (CAD Hedged)
Also In the News (C-NVDA) Nvidia CDR (CAD Hedged)

The Globe and Mail reports in its Thursday edition that earnings reports this week from five of the so-called Magnificent Seven stocks are putting a focus on risks from the group's outsized weighting in the S&P 500. A Reuters dispatch to The Globe reports that last year, big gains for these stocks accounted for the bulk of the S&P 500's 24-per-cent rise, with the hefty market values of the seven making them a driving force in the market cap-weighted index. Their performance has already helped drive the S&P 500 up over 3 per cent this year as of Tuesday's close. Concerns, however, have grown that the companies' huge influence can work both ways, dragging down the broader indexes if they falter. JPMorgan analysts said Tuesday the market's narrow leadership was becoming "increasingly unhealthy," with the Magnificent Seven -- Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla -- accounting for nearly 29 per cent of the S&P 500. Should these stocks weaken, they are "going to have a serious impact on the indices because of the high weight they have. Any meaningful pullback in tech is going to knock down the major averages and scare a lot of investors," said Miller Tabak analyst Matt Maley.

© 2024 Canjex Publishing Ltd. All rights reserved.