The benchmark S&P 500 index ripped higher in 2023 with a gain of 23.5% so far. But most of that return was driven by the "Magnificent Seven" stocks, which managed to obliterate the return of the broader market.

The Magnificent Seven stocks now have a combined value of $12 trillion! As a result, they have a dominant weighting in the S&P 500, accounting for 28% of its total value. That means they have a significant impact on the direction of the entire market. When you look at the S&P 500 Equal Weight Index -- which levels the playing field by attributing an equal value to all 500 stocks in the S&P 500 regardless of their size -- it's up just 10% this year.

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Source Fool.com