S&P, Nasdaq soar in 2023 thanks to big tech stocks

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Quick Take

  • Both the S&P 500 and Nas­daq Com­pos­ite are up so far in 2023; the S&P is up over 9%, while the Nas­daq Com­pos­ite is up 25% year to date.
  • How­ev­er, the uptick in the indices comes from just the stocks of Alpha­bet, Ama­zon, Apple, Meta, Microsoft, Tes­la, and Nvidia when dig­ging clos­er into the data.
  • These sev­en tech com­pa­ny stocks are up $3.16 tril­lion, or 46%, since the start of the year, accord­ing to Jeroen Blok­land, the founder of invest­ment research firm True Insights
  • How­ev­er, the com­bined mar­ket cap of all oth­er 493 stocks in the S&P 500 index is down $0.85 tril­lion, or 3% this year, accord­ing to Blokland.
  • Mean­while, Nvidia saw an excep­tion­al climb this year, up over 158%, and on May 25 saw one of the largest sin­gle-day mar­ket cap gains in U.S. stock mar­ket his­to­ry, accord­ing to Bloomberg and Yahoo Finance data gath­ered by Sta­tista.
Big Tech Market Cap: (Source: Bloomberg)
Big Tech Mar­ket Cap: (Source: Bloomberg)
Nvidia market cap jump (Source: Statista)
Nvidia mar­ket cap jump (Source: Statista)

The post S&P, Nas­daq soar in 2023 thanks to big tech stocks appeared first on Cryp­toSlate.



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