Live Markets: Big tech’s rough June puts Magnificent Seven under pressure

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Yesterday 14:00

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BIG TECH’S ROUGH JUNE PUTS MAGNIFICENT SEVEN UNDER PRESSURE
June hasn’t just been volatile — it’s been a rough ride for the so‑called “Magnificent Seven” stocks.
To put things in perspective, the broader S&P 500 .SPX is down about 3% so far this month. That’s not great, but it’s far better than the hit taken by the Magnificent Seven ETF MAGS.K, which has dropped nearly 13%. In fact, MAGS is on pace for its worst monthly performance since it launched in mid-2023.
What’s also notable is the broader shift happening in the market. Growth stocks .IGX have been lagging value stocks .IVX, and that underperformance is showing up clearly at the sector level. Communication services .SPLRCL, consumer discretionary .SPLRCD, and tech .SPLRCT — three sectors heavily skewed toward these mega-cap names — are leading the declines in June.
Looking at the technical picture, momentum has started to weaken as well. MAGS closed last week at $61.60, falling below its 34-week moving average (WMA) for the first time since mid-April. Historically, breaks below this level — like those seen in early March 2025 and mid-February 2026 — have tended to open the door to further downside.
That said, it’s not all bearish. There are several key support levels just below current prices. A trendline from the early 2025 lows sits around $60, and just beneath that is the December 2024 high near $58.70. The 89-WMA, which helped contain prior selloffs, is also rising toward roughly $58.50 this week. In other words, there’s a cushion not far below.
If buyers step in and push MAGS back above its 34-WMA — around $64.75 this week — it could signal a turnaround and put the ETF back on track to challenge, and potentially exceed, its record high of $71.16.
On the flip side, if those support levels don’t hold, the next downside targets come into view quickly: around $55 based on the March low, and potentially as low as $48.40 to fill an old gap.
      
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:

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EUROPEAN STOCKS HOLD STEADY CLICK HERE
EUROPE BEFORE THE BELL: FUTURES INCH UP CLICK HERE
MARKETS SWIVEL ON TECH, MIDEAST ANGST CLICK HERE
     

MAGS06292026 https://fingfx.thomsonreuters.com/gfx/buzz/movazjnelpa/image-1782732673917.png
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)