This is The Takeaway from today’s Morning Brief, which you can sign up to receive in your inbox every morning along with:
The broadening of the stock market rally has become a crucial theme during the second half of 2024.
Amid the start of rate cuts — and economic data that’s showed the US economy remains in better shape than initially feared — the recent push to new record highs has largely been about companies not named Apple (AAPL), Alphabet (GOOGL, GOOG), Microsoft (MSFT), Amazon (AMZN), Meta (META), Tesla (TSLA), or Nvidia (NVDA).
But the debate over whether the market’s next leg higher will be led by just a few large tech companies — as was the case in 2023 and the early part of 2024 — continues to roll on among investors.
In a note on Friday, data from FactSet showed that earnings for the 493 companies in the S&P 500 outside the “Magnificent Seven” are expected to grow by…
