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By Staff Reporters
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According to the Financial Times, just 20 stocks account for almost 90 per cent of the US benchmark index’s $2.36tn gains so far this year, as instability in the banking sector has driven down interest rate expectations and boosted the attraction of Big Tech.
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Among the big gainers, shares in chip-maker Nvidia have climbed by 83 per cent so far this year, while Facebook owner Meta is up 76 per cent and Salesforce has climbed 42 per cent, underlining the heavy concentration in the world’s most influential stock market. The market value of those and the other 17 best performing stocks in the S&P 500 have surged by $2.05tn in 2023. Apple’s valuation alone has shot up by almost $600bn, or 30 per cent, in the past three months.
And, according to Yahoo Finance, the market capitalization of the other stocks in the index — which is up almost 7 per cent so far in 2023 — has risen just $320bn over the same period.
Finally, according to private equity firm Apollo Global Management and ignoring gains for mega-cap growth stocks, the S&P 500 rose just 1.4 per cent in the first three months of 2023, said UBS.
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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Investing | Tagged: Apollo Global Management, big tech, Easter, Nvidia, S&P 500, UBS, Yahoo Finance |
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