The inventory market is extra top-heavy than it has been in a long time.
The collective market worth of the highest 10 firms within the S&P 500 has swelled to about $eight trillion as of Friday as investors have piled into big technology stocks together with Apple Inc., Microsoft Corp. and Amazon.com Inc.
Collectively, the 10 greatest corporations comprise 29% of the index, based on knowledge by way of July 31 from S&P Dow Jones Indices. That’s the highest proportion in a minimum of 40 years and up from 22.7% on the finish of 2019.
The beneficial properties among the many high shares are pushing the S&P 500 and Nasdaq Composite again to document ranges. However they’re masking the underlying weakness of the broader market the place different indexes just like the Russell 2000, which tracks small-cap shares, are nonetheless within the purple for the yr.