The "Magnificent Seven" tech giants are on track to underperform the broader S&P 500 in earnings growth for the first time since Q4 2022. Five of the seven companies have already posted third-quarter EPS growth below that of other index constituents, according to market analyst John Butters. Combined expected EPS growth for the Magnificent Seven has fallen to 22.6%, down from 33.6% a month ago, while the remaining 493 S&P 500 companies are projected to grow earnings by 32.6%. Nvidia and Apple have yet to report their latest quarterly results. Analysts expect this trend to persist into Q4 2026.