The S&P 500 is on pace for its second consecutive weekly decline, down 0.3% week-to-date through Thursday. Concerns about inflation, elevated oil prices and rising Treasury yields have pressured the market. However, the Roundhill Magnificent Seven ETF (MAGS), comprising Nvidia, Meta, Microsoft, Tesla, Alphabet, Apple and Amazon, is up more than 1% this week and approaching its all-time closing high of $70.94 reached in May. Bank of America warns that the « 3Ps » (positioning, profitability and policy) are all peaking, recommending quality, value and yield over defensive sectors.
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