The Globe and Mail reports in its Monday edition that diverging fortunes for the massive technology and growth names that have propelled the U.S. stock market higher are throwing a spotlight on their pricey valuations. A Reuters dispatch to The Globe says that the so-called Magnificent Seven are collectively trading at an average of 33 times their expected earnings for the next 12 months, up from 26 at the end of 2022. That compares with a price-to-earnings ratio of about 21 for the benchmark S&P 500 Index, which is up 7 per cent this year. Investors last year were happy to pay up for the megacaps, given the companies' solid balance sheets and dominant positions atop their industries. They have been more discriminating this year, punishing the shares of Tesla and Apple when their outlooks turned murky while fuelling dizzying gains in Nvidia. Concerns about electric-vehicle demand have sparked a near 35-per-cent drop in the shares of the former market darling Tesla this year, making it the S&P 500's worst performer. Apple has ceded its perch as the biggest U.S. company by market value to another Mag Seven member, Microsoft, after its shares declined 10 per cent year-to-date amid pressure in its China business.