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Fidelity Magellan

FMAGX · NASDAQ

Market closed$15.21$-0.210000 (-1.36%)

Key statistics

Previous close$15.42
Open$15.21
Day high$15.21
Day low$15.21
52-week high$16.27
52-week low$13.38
Market cap24.86B
Volume—
Average volume—
P/E ratio3.39
Forward P/E—
EPS4.49
Dividend yield0.00%

Market context

Why it moved

FMAGX declined today amid broader market weakness and a general risk-off sentiment, as institutional repositioning and sector-specific headwinds weighed on the fund's underlying equity holdings.

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What is happening

Recent company-specific developments and publisher coverage.

July 15, 2026Fidelity Magellan closed slightly lower as asset management peers enjoyed a broadly positive backdrop, with BlackRock topping Q2 estimates and reporting record iShares inflows of $310 billion in H1 2026, while Goldman Sachs and Morgan Stanley posted blowout earnings driven by surging equities trading and dealmaking. Despite the favorable sector tailwinds, the fund edged down modestly, tracking softer XLF sentiment after hours. Investors are watching persistent inflation, geopolitical risk from the renewed US-Iran conflict, and elevated equity valuations as key H2 2026 uncertainties.

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July 14, 2026Fidelity Magellan closed modestly lower as financial services stocks faced headwinds from a complex macro backdrop — a softer-than-expected June CPI print (3.5%) offered some relief, but renewed US-Iran tensions, rising oil prices, and Fed rate hike fears weighed on sentiment. Morningstar noted that financial stocks have underperformed the broader market over the past year, partly due to concerns about AI disruption and cracks in private credit, even as strong Q2 bank earnings from JPMorgan and Goldman Sachs signaled resilience in capital markets.

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July 9, 2026Fidelity Magellan closed modestly higher as the broader financial sector held firm ahead of a pivotal Q2 earnings season, with major banks JPMorgan, Bank of America, Citigroup, and Wells Fargo set to report on July 14. The fund's large-cap equity holdings benefited from resilient S&P 500 earnings expectations—analysts project +24% Q2 growth year-over-year—even as renewed U.S.-Iran hostilities rattled sentiment, pushing oil prices higher and reigniting inflation concerns that could complicate the Fed's rate path.

1.233

July 8, 2026Fidelity Magellan closed modestly lower as a broad risk-off selloff swept through U.S. equities following President Trump's declaration that the U.S.-Iran interim peace agreement was 'over,' sending oil prices surging over 5% and rattling financial markets. The fund, which holds significant exposure to large-cap growth and tech names, faced headwinds as semiconductors fell nearly 5% and the S&P 500 retreated amid geopolitical uncertainty and rising Treasury yields; the XLF financial sector ETF also declined on the day as investors assessed the macro backdrop ahead of Q2 bank earnings season.

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July 6, 2026Fidelity Magellan closed essentially flat as the broader financial services sector navigated a mixed session. Investor attention this week is squarely on the Federal Reserve's June meeting minutes due Wednesday and the kickoff of Q2 earnings season, with S&P 500 companies projected to deliver over 24% year-on-year earnings growth — a key test for current valuations. The fund's large-cap growth tilt benefited from a semiconductor rebound that lifted the Nasdaq, while the XLF financial sector ETF held near its 52-week high, reflecting resilience in financials amid uncertainty over Fed rate policy.

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July 2, 2026Fidelity Magellan closed lower, declining amid a broad pullback in growth-oriented assets as chip stocks led a tech selloff following reports that Meta is building an AI cloud business to monetize excess computing capacity, raising concerns about future chip demand. The fund, which carries a Zacks Mutual Fund Rank of 5 (Strong Sell), faced additional headwinds from a cautious macro backdrop—including softer-than-expected private payrolls, a hawkish Fed rate-hike repricing, and a weaker S&P 500 session—while the financial services sector (XLF) held essentially flat, underscoring that the drag was concentrated in the fund's growth equity holdings.

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June 25, 2026Fidelity Magellan closed modestly higher, edging up after markets rebounded from a rough mid-week tech-led selloff. Sentiment shifted following Micron Technology's blowout earnings—surging 16%—and Qualcomm's raised guidance, which helped restore confidence in AI-linked equities and lifted the broader market. The Financial Services sector ETF (XLF) also recovered, with after-hours gains of roughly 0.4%, as the Federal Reserve's annual stress tests confirmed banking sector resilience. Investors continue to weigh Fed rate expectations and the sustainability of the AI rally after the Nasdaq fell nearly 3% earlier in the week.

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June 24, 2026Fidelity Magellan Fund declined as broader market turbulence weighed on its large-cap equity holdings, with the S&P 500 closing notably lower amid a multi-day tech-led selloff. The fund, heavily exposed to growth and technology names, faced headwinds as AI spending concerns and a global semiconductor rout — which saw the Nasdaq drop sharply this week — pressured valuations across its core holdings. Peers in the asset management space, including BlackRock, also sold off on the day, while the financial sector ETF (XLF) held relatively steady in after-hours trading.

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Seeking Alpha · March 7, 2025Fidelity Magellan Fund Q4 2024 ReviewKiplinger · March 11, 2021Fidelity Magellan ETF (FMAG): A Legend at a Lower CostBloomberg · June 4, 2020Fidelity Magellan Echoes Glory Days by Trouncing BenchmarkBloomberg · June 4, 2018A Once-Hot Fidelity Fund Is Outperforming Again. Investors Still Don’t Care

Peers

S&P 500SPX · $7,457.69-1.01%Fidelity Advisor New Insights MFNITX · $45.26-1.35%Janus Henderson Forty Fund - T SharesJACTX · $55.06-0.95%Janus Henderson Forty FundJARTX · $51.86-0.95%Janus Henderson Forty Fund Class IJCAPX · $61.46-0.95%Janus Henderson Forty DJFRDX · $54.15-0.95%Janus Henderson Forty FundJFRNX · $62.08-0.94%Oakmark Fund Investor ClassOAKMX · $177.90-1.00%American Century Ultra Fund C ClassTWCCX · $59.66-1.88%American Century Ultra FundTWCUX · $96.08-1.86%American Century Ultra Fund - I ClassTWUIX · $103.50-1.86%