Top 10
Oct 07, 2024
In July 2024, a remarkable event unfolded in stock market history: the combined market capitalization of the top 10 stocks in the S&P 500 briefly surpassed that of the remaining 490. However, this dominance was disrupted when the unwinding of the yen carry trade primarily impacted Big Tech companies. Since then, the top 10 stocks have lost some of their momentum compared to the broader market. The heavy concentration of market value in such a small group of leaders is both unusual and unsustainable. That said, the catch-up by the rest of the market won’t happen overnight, as the fundamentals of Big Tech remain robust.