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Today's stock market rout was led by the Magnificent-7. The Roundhill Magnificent Seven ETF (MAGS) was down 6.1% today, and down 8.3% since the S&P 500 peaked at a record high during July 16 (chart). The S&P 500 is down 4.2% since then to 5427.13, just below its 50-day moving average (chart).
Tesla and Alphabet disappointed investors today, while UPS did so yesterday. However, the Q2 earnings reporting season is off to a good start on balance. Tomorrow's Q2 real GDP print should be up by more than 2.5% (saar).
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