S&P 500 and Nasdaq 100 indices surged to new all-time highs on Friday, driven primarily by a rally in Magnificent Seven stocks, which collectively reached a market capitalization exceeding $16 trillion. The Roundhill Magnificent Seven ETF (NYSE:MAGS) increased by 1.4% on Friday, boosting its weekly gain to 7.7%, marking the strongest weekly performance since the fund’s inception. As mega-cap tech stocks attracted larger gains, blue-chip stocks held steady, while small caps fell. In June, the U.S. labor market showed signs of cooling despite a higher-than-expected increase in non-farm payrolls, due to previous downward revisions, a rise in the unemployment rate, and slower wage growth. Economists have increasingly urged the Federal Reserve to initiate interest rate cuts, with September seen as the most likely starting point. Traders quickly adjusted their expectations for rate cuts, assigning a 76% probability to a September move and now fully pricing in two rate cuts by the end of ...