S&P 500 equal-weighted index
On Tuesday the S&P 500 equal-weighted index erased all of its gains for 2023 and tumbled into correction territory, having fallen more than 10% from its July 26 high
The traditional cap-weighted S&P 500 is still hanging on to a 10% gain for the year, having given back roughly half of its year-to-date gains
Dow Jones data showed 56 stocks in the S&P 500 touched fresh 52-week lows on Tuesday
Some analysts have proposed that megacap technology has already seen their valuations return to more reasonable levels.
According to a Goldman Sachs Group analyst, the forward price-to-earnings ratio for the Magnificent Seven has fallen from its summertime peak of 34 to 27.
MarketWatch 4 October 2023
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