Seven Mega-Cap Stocks Rally Over 4% in July; Earnings Season Kicks Off This Week

According to MarketWatch, the mega-cap seven ETF (MAGS) tracking Nvidia, Apple, Alphabet, Meta, Microsoft, Amazon, and Tesla rose over 4% since early July, reversing June's 9% decline. Apple led gains with a 15% monthly surge, reclaiming the title of most valuable company, while Meta climbed 14.7%. The rebound reflects resource rotation among tech stocks as semiconductors face profit-taking pressure.

Tech earnings season officially begins Wednesday (July 22), with Alphabet and Tesla set to report after market close. According to FactSet, the seven mega-caps are projected to post 31.1% year-over-year profit growth in Q2, well ahead of the S&P 500's broader 22.8% average, yet oil prices have risen above $87 per barrel on Middle East tensions, adding uncertainty ahead of the Federal Reserve's July 28-29 policy meeting.