The Magnificent Seven strike back

US equity index futures are green, with the Nasdaq 100 up about 1%.

The Euro STOXX 600 index rises more than 1%.

The dollar edges up; bitcoin rallies more than 5%; gold dips; US crude is down more than 2.5%.

The US 10-year Treasury yield dips to about 4.97%.

One development attracting growing attention on Wall Street is the return of Magnificent Seven leadership. While the mega-cap tech group has lagged the broader market for much of the year, recent performance suggests investors are once again gravitating toward these names.

The S&P 500 .SPX remains well ahead on a year-to-date basis, up 11.8% versus a 6.8% gain for the Roundhill Magnificent Seven ETF MAGS.K. Over shorter periods, however, the tech giants have regained the upper hand. MAGS is up 2.5% so far this month compared with a 0.5% decline for the S&P 500. The ETF has also gained 9.6% this quarter, versus a 2% rise for the benchmark index. Even so, the S&P 500 remains about 2% below its record closing high.

That renewed strength was evident on Friday when MAGS climbed to a record intraday high of $71.25 before easing back to close at $70.46. Even with the late-session pullback, the ETF ended less than 1% below its record close of $70.94, set on May 14, while rising for a fourth straight week.

The momentum appears set to continue Monday. With U.S. equity futures firmly higher ahead of the open, MAGS is up about 1% in premarket trading. Six of the seven Magnificent Seven stocks are higher, led by Meta Platforms META.O, which is gaining 2.5%. Apple AAPL.O is the lone decliner, though its 0.01% loss is barely noticeable.

A fresh closing high would shift traders' focus to the next technical hurdle near $73.00, where a resistance line drawn from the October 2025 peak comes into play. A convincing break above that level could pave the way for further gains, with the next significant resistance line from the December 2024 high sitting just below $82.00.

On the downside, key support remains in the $66.55-$65.00 zone. That area is reinforced by the August low, the 200-day moving average and a trend line from the April 2025 low. Notably, that trend line provided support during pullbacks in both late June and late July, making it an important level to watch if the recent momentum begins to fade.