The astounding performance of a few tech companies is masking an otherwise mediocre stock market. The S&P 500 Index broke its 31st record of the year on Tuesday, closing at 5,487.03, according to Bloomberg data. While the index is up over 15% this year, that growth is by no means evenly shared.
Looking at year-to-date data through June 18, shares of Nvidia, Microsoft, Apple, Meta, Google, Amazon, and Broadcom have on average soared by 25.3%, while the remaining 493 companies have grown by just 2.7%. In June alone, the "Magnificent Seven" (the previously cited list, swapping in Broadcom for Tesla) are on average up 7.5%, but the rest of the index is down -0.5%, according to Howard Silverblatt, senior index analyst at S&P. On Tuesday, Nvidia, Microsoft, and Apple stock equated to half of the index’s total returns, he adds.
