🔻Magnificent 7 Underperformed S&P 500 Index Into Earnings Week: Cable FX Macro

• A basket composed of the magnificent 7 stocks underperformed the equity benchmark last week, according to data compiled by Bloomberg. The gauge fell 7.7% vs the S&P 500 Index -3.1%, it was the worst weekly performance for the mag. 7 stocks this year

• Mag. 7 stocks have outperformed the equity benchmark for some time as the AI theme gained traction, however, losses were recorded as more than half of the basket is set to report earnings this week

• Q1 earnings per share are expected to post a double-digit drop, the estimate for the basket is seen at 127.55 vs the prior quarter's 147.51