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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>Todd CampbellSun, Jul 20, 2025, 10:37 PM 5 min readThe stock market is being led by a new group of winners originally appeared on TheStreet.For a while, the S&P 500's returns have been dominated by a select group of technology kingpins known as the Magnificent 7.Those seven stocks, Alphabet, Apple, Amazon, Microsoft, Meta Platforms, Nvidia, and Tesla, powered the market higher due to massive spending and demand growth for artificial intelligence training and inference.Related: Analyst resets S&P 500 forecast for rest of 2025They remain key cogs in the S&P 500's performance, but more recently, a new basket of stocks is delivering big returns, potentially signaling the early days of a regime change.Unlike the Mag 7, the new leaders are far less tied to AI. Sure, names like Palantir and Nvidia remain big winners, but the broader group of stocks delivering eye-popping returns spans more industries, including finance and, yes, even space.A new group of stocks is outperforming the S&P 500.Image source: Michael M. Santiago/Getty ImagesIt's been a tale of two markets this year.First, stocks took a drubbing beginning in February when President Donald Trump launched his trade war, instituting 25% tariffs on Canada and Mexico.Related: Veteran fund manager who predicted Nvidia stock rally reboots forecast on ChinaThe White House followed that up with more tariffs, often higher than Wall Street and businesses expected, including a baseline 10% tariff on all imports and a 25% tariff on autos.Altogether, the tariff tit-for-tat took a big toll on stocks, causing the S&P 500 to fall by 19% — nearly into bear market territory — and the Nasdaq Composite to tumble about 24% through early April.Then, everything changed.President Trump paused most reciprocal tariffs on April 9, providing leeway for trade deals that could settle tariffs at more reasonable levels.The glimmer of hope for avoiding a worst-case scenario of high tariffs sparking inflation and sending the economy into a tailspin marked a bottom for stocks, kicking off a record-setting rally.The S&P 500 has marched 24% higher, while the Nasdaq has rallied by over 30% as more people have lowered their forward inflation expectations.While there's some concerning economic data on jobs and the economy, market gains suggest we'll sidestep an economic reckoning, providing upside to revenue and earnings growth.By now, most investors are familiar with market darlings Nvidia and Palantir, two of the most prominent AI players.Given its dominance in high-end AI semiconductor chips and optimization software, Nvidia is the de facto Goliath in AI network infrastructure. Palantir has become a go-to for securely developing AI apps for government and corporations.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,345.25 +0.50 (+0.01%)Dow Futures44,554.00 +7.00 (+0.02%)Nasdaq Futures23,337.00 -5.00 (-0.02%)Russell 2000 Futures2,242.10 -0.20 (-0.01%)VIX16.75 +0.10 (+0.60%)Gold3,397.00 -9.40 (-0.28%)PortfolioSign in to access your portfolioSign inTop gainersSTEM Stem, Inc. 16.64 +3.14 (+23.26%)ALAB Astera Labs, Inc. 121.89 +19.76 (+19.35%)CLF Cleveland-Cliffs Inc. 10.66 +1.18 (+12.45%)S SentinelOne, Inc. 19.78 +1.77 (+9.83%)RXRX Recursion Pharmaceuticals, Inc. 6.40 +0.56 (+9.59%)Top losersQS QuantumScape Corporation 12.52 -2.12 (-14.48%)BRKR Bruker Corporation 35.64 -4.91 (-12.12%)NEGG Newegg Commerce, Inc. 26.34 -3.21 (-10.86%)ACHR Archer Aviation Inc. 11.85 -1.44 (-10.84%)AR Antero Resources Corporation 32.51 -3.80 (-10.47%)Most activeOPEN Opendoor Technologies Inc. 3.2100 +0.9600 (+42.67%)LCID Lucid Group, Inc. 2.8200 -0.2200 (-7.24%)QS QuantumScape Corporation 12.52 -2.12 (-14.48%)RIOT Riot Platforms, Inc. 14.02 +0.16 (+1.15%)NVDA NVIDIA Corporation 171.38 -1.03 (-0.60%)Earnings eventsTrending tickersDJT Trump Media & Technology Group Corp. 19.25 +0.58 (+3.11%)VZ Verizon Communications Inc. 42.49 +1.65 (+4.04%)ACHR Archer Aviation Inc. 11.85 -1.44 (-10.84%)GOOG Alphabet Inc. 191.15 +5.21 (+2.80%)OPEN Opendoor Technologies Inc. 3.2100 +0.9600 (+42.67%)Top economic events