Why Roundhill Magnificent 7 ETF (MAGS) fell 3.03%
Roundhill Magnificent 7 ETF (MAGS) fell 3.03% on October 29, 2026 — Tech selloff pulls Mag 7 lower as Google dives.
What happened
A broad tech selloff hit the Magnificent 7 as Google fell sharply after earnings, while ServiceNow and Fortinet also dived on their results and Microsoft only recovered late in the session.
Why it moved
Because MAGS holds the same megacaps, a sharp drop in Alphabet and the earnings-driven weakness across software and security names pulls the whole basket lower.
Why it matters
This is part of the Mag 7 earnings cycle theme, where the group's share prices are being repriced quarter by quarter on whether AI spending is translating into revenue.
What would break the thesis
If the remaining Mag 7 reports show strong AI-driven growth, the group could recover quickly and erase this drop.