The stock market’s latest rally is reviving a familiar trade — but not all of the Magnificent Seven are coming along for the ride.

The Nasdaq Composite (^IXIC) just notched a rare eight-day winning streak, while the Roundhill Magnificent Seven ETF (MAGS) turned in its best eight-day gain since last May.

This chart breaks the move into two parts: the selloff from February 27 through March 30, which spanned the start of the US-Iran war, and the rebound from the March 30 lows, which picked up steam as ceasefire hopes grew.

But under the hood, the rebound has divided the Mag 7 into two camps. Amazon (AMZN), Nvidia (NVDA), Alphabet (GOOGL), and Meta (META) have surged off the late-March lows, while Tesla (TSLA), Microsoft (MSFT), and Apple (AAPL) have trailed.

Meta is a special case. It bounced hard off the lows, but unlike Amazon, Nvidia, and Alphabet, it still hasn’t fully climbed back above its pre-war starting point.

Tesla stands out even more. It’s the only stock in the group that fell in both periods, and is down 13% over the entire stretch.

The latest rally is sharpening a lesson investors have been learning for well over a year: the “Mag 7” was a useful label for a moment, not a lasting market reality. Under the hood, these stocks still tell seven different stories.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

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