Shares of technology companies rose amid sustained upward momentum in the sector.

An "equal-weighted" version of the S&P 500, which screens out market-capitalization weightings, continues to lag the performance of the market-cap weighted index, revealing that mega tech stocks are still the biggest gainers for the year to date, said one strategist.

"We're looking at so much talk about the Magnificent Seven," said J.D. Joyce, president of financial advisory Joyce Wealth Management. The leading mega-cap stocks have winnowed down to two or three, however, with only Nvidia, Meta Platforms and Alphabet making major positive moves in the first three months of the year.

Electric-car maker Tesla, long the leader of the Magnificent Seven, was the worst performing stock on the S&P 500 in the first quarter, Joyce said.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

04-01-24 1752ET