Been hearing about how the S&P is being carried by the mag 7 and without those, its performance would be pretty meh. (this may have lessened this year but more of a conceptual question anyway)
Just wondering if there is any causal relationship there, i.e. the rest of the S&P is underperforming not because all the other companies are relatively moribund, but because the mag 7 are taking up all the oxygen from the meh 493, and if the 7 weren't so mag, the 493 would be less meh.
I realize reality is far messier, just wondering if there's any validity to this and whether the effect would be meaningful or insignificant.