The S&P 500 surged 6.2%—its best May in 34 years.

U.S. equity markets surged last week, with the Nasdaq leading gains on the back of a strong rebound in technology stocks.

The most notable laggard remains the Magnificent 7, which despite a recent bounce, is still down -12.38% year-to-date through Friday, May 9th on a total return basis. These mega-cap growth names—which had led markets higher in 2023—have weighed heavily on broader growth-oriented benchmarks in 2025. The group’s underperformance highlights ongoing investor concerns around valuations, regulation, and shifting interest rate dynamics.