The first half of 2026 confirmed a valuable stock market lesson 🤔

Leaders can lag as the stock market goes up 🆙

The S&P 500 gained an impressive 9.6% in the first half of 2026.

Meanwhile, the Magnificent 7 — Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta Platforms, and Tesla — were collectively in the red during this period.

If you haven’t already, you’re gonna see a lot of charts circulating that look like the one below from Deutsche Bank’s Jim Reid.

The Magnificent 7 have lagged as the rest of the market has moved higher. (Source: Deutsche Bank)

This trend extends a story from 2025 and a lesson we’ve been discussing for years.