In the US stock market on 30 September, the M7, led by megacap technology stocks, rose. Despite higher long-term interest rates, buying by elimination flowed into relatively higher-quality stocks. The Dow fell to its lowest level since June.
In the US stock market on 30 September, the Dow Jones Industrial Average fell to its lowest level since June, while ETFs comprising the Magnificent Seven (M7) attracted substantial buying. Gains in some megacap technology stocks stood out, and funds flowed into stocks considered to have relatively high credit quality and stable earnings prospects.
Even as rising long-term interest rates weighed on the broader equity market, M7-related ETFs were reportedly bought as a relative alternative. Market movements may have proceeded in the opposite direction to the Dow's decline.
As an overview of US market conditions, the article reported on US and European equities, including further declines in the Dow and selling of economically sensitive stocks, while noting the period of relatively stronger demand for M7 exposure.