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Axios Markets

How the Mag 7 became the Lag 7

A line chart that tracks year-to-date percentage returns for the Magnificent Seven average and median, the S&P 500 equal-weight index and the S&P 500 from Dec. 31, 2025, to June 26, 2026. Mag 7 average ranged from minus 15.97% to 8.13%, ending at minus 5.55%, while equal weight rose to 11.04%.

Year-to-date percentage change 

Data: FactSet; Note: Mag 7 is the "original" cohort:  Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta; Chart: Matt Phillips/Axios

Why U.S. corporate profits are surging

A line chart that tracks corporate profits as a share of U.S. gross domestic income quarterly from Q1 1947 to Q1 2026. The share ranges from a low of 5.08% in Q4 2008 to a high of 12.65% in Q4 1950. It rises to 12.13% in Q1 2026.

Corporate profits as a share of U.S. gross domestic income

Data: U.S. Bureau of Economic Analysis ; Note: U.S. corporate profits with inventory valuation and capital consumption adjustments, domestic industries; Chart: Matt Phillips/Axios

Dow set to add Alphabet and drop Verizon

A bar chart that shows share prices for the top and bottom five Dow components by weight as of June 25, 2026. Goldman Sachs leads at $1,065.09, followed by Caterpillar at $1,057.01. Nike is lowest at $40.90. Top-five prices far exceed the bottom five, which range from $46.07 to $115.78.

Share price of Dow Jones Industrial Average component stocks, top and bottom five by weight

Data: S&P Capital IQ; Chart: Emily Peck/Axios

CEO: SoftBank is a golden-egg-laying goose

Closer

Axios Closer

Tech stocks slump as AI bubble fears loom

Stocks make the rich richer. Everyone else, not so much

A line chart that shows quarterly equity holdings for the bottom 80% and top 20% by income from Q1 2024 to Q2 2026. The bottom 80% rises from $5.83 trillion to $8.18 trillion. The top 20% increases from $38.2 trillion to $55 trillion, with both dipping in Q1 2025 and Q1 2026.

Stock held by income group in U.S.

Data: RSM, Fed DFA by income percentile; Note: Includes stocks and mutual fund shares; Chart: Emily Peck/Axios

After $86 billion IPO, SpaceX to borrow $20 billion

The Warsh Fed could usher in an era of market yips

Macro

Axios Macro

The Warsh Fed's new approach

How markets reacted to the new Fed chairman's policy committee debut

A line chart that tracks the U.S. two-year Treasury yield per minute from 3 a.m. to 5 p.m. ET on June 17, 2026. The yield rose from a low of 4.0432% at 3 a.m. to 4.19% by 5:05 p.m., within a daily range of 4.0432% to 4.2181%.

U.S. 2-year Treasury yield

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