S&P 500 Excluding the Magnificent Seven

## What this measures

How the other 490-odd companies in the S&P 500 have done, with the seven largest technology companies taken out.

## Why it matters

When the S&P 500 rises but this index does not, the gain is coming from a handful of companies. It is the simplest test of whether a rally is broad.

## How to read it

100 is the value on January 4, 2021. Compare with the Magnificent Seven Index (equities.mag7.index) and the S&P 500 itself: the gap between the two indexes is how much of the market's move the seven explain. On October 8, 2026 this index read 179.4 and the Magnificent Seven Index 299.9.

## What it does not say

Dividends are not included. Each day's return is the S&P 500 ETF's return (SPY) with the seven companies' share of it removed, using their weight at the previous close, so it keeps the index's real membership and weights. Their weight uses current share counts for today's members.

## Source

Received through a licensed market data provider. Index computed by Palanor.