Earnings growth for the Magnificent Seven may lag behind the rest of the S&P 500 for the first time since late 2022.

According to TechFlow, on November 1, market analyst John Butters stated that so far in the third quarter, five of the "Magnificent Seven" companies have seen their earnings per share growth lag behind other components of the S&P 500 index. Nvidia and Apple have not yet released their latest quarterly results, but Butters noted that the combined expected EPS growth for the Magnificent Seven has declined from 33.6% a month ago to 22.6%. By comparison, the combined EPS growth for the remaining 493 companies in the S&P 500 stands at 32.6%. This indicates that the Magnificent Seven's earnings growth is likely to underperform other S&P 500 components for the first time since the fourth quarter of 2022. Analysts anticipate this trend will persist through the fourth quarter of this year. (Jin10)