Happy Thursday! After years of carrying the market, the Magnificent 7 have stumbled out of the gates this year and have lost a bunch of momentum. Meanwhile other leaders are emerging and are quietly taking their place. Here’s everything you need to know. 

Also, if you are looking for several under-the-radar stock picks that rank near the top for both growth and momentum, we’ve handpicked several potential big winners that you won’t want to miss.

Plus, if you’re looking for a fast-growing aesthetic medical services company capitalizing on rising demand across Asia, check out today’s sponsor.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

Why Are Magnificent 7 Losing Their Grip On The Market In Early 2026?

Over the past few years, mega-cap tech has dominated the market, driving gains as its weighting in the S&P 500 swelled to 34% — more than tripling over the last decade. However, this year is starting to feel different.

As former leaders continue to lose momentum, strength is quietly emerging elsewhere, fueling a broader rally that suggests the market may no longer need to rely on just the Magnificent 7 like they have been.

Is this just a pause for Big Tech, or the start of a broader shift in leadership? Read on to find out what’s changing and how it could impact your portfolio.

Ringing In 2026: SBC Medical Group Positioned For Growth

Demand for non-evasive aesthetic treatments in Japan, Singapore and Thailand are growing and SBC Medical Group Holdings Inc. (NASDAQ:SBC) is well positioned to capitalize on that.

The Japanese owner and operator of a chain of aesthetic medical clinics spent much of 2025 focused on overhauling its pricing strategy, making aesthetic services more available and attracting affluent customers, all of which paid off.

During the year SBC Medical posted year-over-year growth in revenue, improved net profit, grew the number of clinics, had an impressive customer repeat rate and made strategic acquisitions and partnerships. It also announced a share buyback and was added to the Russell 3000 Index.

All of it positions it for growth in 2026. To learn more about SBC Medical, click here.

This is a paid ad. Please see 17b disclosure here for more information.

Yesterday: U.S. indexes fell for a second straight day on Wednesday, retreating further from record highs as investors weighed corporate earnings and geopolitical developments. All three major indexes declined, pressured by weakness in technology stocks, particularly semiconductors, after losses in Broadcom, Nvidia, and Micron due to reports that China is restricting imports. Financial stocks also tumbled, as Wells Fargo dropped on weaker-than-expected quarterly revenue, while Bank of America and Citigroup fell despite beating estimates. Looking ahead, earnings expectations remain supportive, with fourth-quarter profits projected to grow roughly 7.5% year-over-year and full-year earnings forecasts revised higher to about 14.8%.

On Our Radar: Analysts will be paying attention to U.S. import prices, initial jobless claims, and the Empire State manufacturing survey for a read on inflation, labor conditions, and manufacturing momentum, while listening closely to remarks from Fed officials (Bostic, Barr, Barkin, and Schmid) for guidance on the policy path ahead. On the earnings front, all eyes will be on Taiwan Semiconductor (TSM), which will report after the market close today.

AppLovin (APP) and Unity (U) were both down more than 10% and Rivian (RIVN) wasn’t far behind either in what was a rough day for the market. Meanwhile, LyondellBasell (LYB), Northrop Grumman (NOC), and Kraft Heinz (KHC) bucked the trend to finish higher on the day. But those weren’t the only companies making big moves. Here’s a look at some of the biggest winners and losers on Wednesday.

See how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Burry Bets: Contrarian investor Michael Burry loves going against the crowd. Find out why he believes even the hottest stocks will stumble, and what other tickers are most at risk.

Ark Shuffle: Ark Invest, led by Cathie Wood, recently made some big moves in Tesla, Broadcom, and Taiwan Semiconductor just to name a few. Read on to see which stocks she’s been buying and selling.

Sports King: Elon Musk’s fortune is so massive, he could own every major sports team and still have billions left over. See which teams are already publicly traded and how you could get a piece.

The Broad-ening App-ocalypse: Tech stocks are tumbling as Broadcom falls on China’s latest move, and Applovin slips despite bullish analyst coverage. Are these one-off shocks, or the start of something bigger? Read on to find out.

Stock Of The Day: Bank of America shares just fell after a strong earnings beat—but the chart hints at a familiar pattern that savvy traders are watching closely. Could this dip be another prime buying opportunity?

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On This Day In 1999…

MarketWatch made one of the most memorable debuts in U.S. IPO history, thank sin large part to the exuberance of the late-1990s dot-com boom. Priced at $17 per share, shares surges to nearly $100 by the end of its first trading day, representing a gain of more than 470%. At one point, shares traded as high as around $130 intraday as demand from retail and institutional investors overwhelmed supply. The IPO became a defining symbol of internet-era speculation and sky-high valuations. MarketWatch was later acquired by Dow Jones & Company, cementing its place in financial media history.

QUOTE OF THE DAY

“An overvalued stock market is not necessarily a bear market.“

— David Einhorn

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