index

The Dow Jones Industrial Average closed above 48,000 for the first time ever, even as the Magnificent Seven stocks weighed on the other major indexes.

If this were to happen, it would probably continue to weigh on the S&P 500 and Nasdaq, given the heavy weighting that the largest Big Tech companies have in each of those indexes.

The blue-chip index has beaten the tech-heavy Nasdaq composite by 2.38 percentage points over the past two trading days, its largest such outperformance since February, according to Dow Jones Market Data.

Financial stocks in the S&P 500 index are in the middle of the pack right now.

And a collective repricing of equity valuations, based on earnings potential, buyback levels and the broader economic outlook can weigh on stock indexes.