The Mag 7 continues to dominate and are back at their all-time high. As the chart shows below, the relative performance line (blue) is almost identical to the absolute price index, which tells us that “as goes the Mag 7, so goes the S&P 500.” The bottom panel shows the trailing EPS and its payout (dividends plus buybacks). With a payout ratio of 56%, the Mag 7 is actually below the S&P 500 index (which is around 70%), but the growth rate of that payout has been formidable (72% since 2023).