The Roundhill Magnificent Seven ETF (CBOE: MAGS) stock has retreated by 8.7% from its highest point this year as most companies in the group dropped.
MAGS was trading at $65.10 from its all-time high of $71.10, while its year-to-date outflows hit $248 million.
Top Magnificent 7 Stocks Have Dropped This Year
The MAGS ETF has pulled back this year as most Magnificent 7 stocks retreated. Nvidia (NASDAQ:NVDA), the biggest constituent, has dropped by 7.7% from its all-time high.
Top Magnificent stocks have retreated for diverse reasons. Meta, Microsoft, and Amazon have fallen as soaring chip, server, and memory prices have pushed their capital expenditures to record highs. Investors are increasingly concerned about this capex and the return on investment.
