Top 10 US Stocks Now 43% of S&P 500 Market Cap, Near Record High
The top 10 companies in the S&P 500 now account for 43% of the index's total market capitalization, close to an all-time high. Concentration has doubled in a decade, while the smallest 250 firms have shrunk to just 7%.
The top 10 US stocks now represent 43% of the S&P 500's total market capitalization, according to data shared by The Kobeissi Letter. That level is near the highest on record and has stayed at or above 40% for the past 12 months.
Over the last decade, the weight of the top 10 in the index has more than doubled. Meanwhile, the combined share of the 250 smallest companies has been cut in half to roughly 7%, the lowest since at least 2014.
In other words, the top 10 stocks are now worth more than six times the combined market cap of the smallest 250 firms in the S&P 500. A handful of names continue to drive the vast majority of the index's performance.
Source: The Kobeissi Letter