Analyst: Insufficient breadth in U.S. stock gains is not a new problem; the “Magnificent Seven” are actually backed by hundreds of companies
Bloomberg ETF analyst Eric Balchunas said that U.S. stock-market wealth creation has historically been concentrated in a small number of companies; the current “Magnificent Seven” have integrated numerous companies through mergers and acquisitions, so their influence cannot be understood solely on the basis of individual listed companies.