It’s been a largely upbeat year on Wall Street, with the S&P 500 up 13% as of mid-June.
That figure is encouraging enough, as companies begin to rally from 2022’s inflation and supply chain woes.
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But what makes the first half of 2023 stand out is this: 10 U.S. stocks comprise the vast bulk of those 13% investment returns. The rest of the S&P 500 index makes up only 1.4% of those plus-sized investment returns.
Here’s the short list of 10 stocks and the numerical impact they’ve had on S&P 500 performance so far this year, via FactSet.
S&P 500 at 13% Returns as of June 15, 2023
Apple at 2.4% of S&P 500 Index returns
Microsoft at 1.9%
Nvidia at 1.8%
Alphabet at 1.3%
Amazon at 1.2%
Meta Platforms at 1.1%
Tesla at 1.1%
Broadcom at 0.3%
Advanced Micro Devices at 0.3%
Salesforce at 0.2%
The rest of the S&P Index has produced 1.4% of its returns.
Total Combination of the Big 10 stocks = 11.6%.
Total Return of the S&P 500 Index = 13.0%
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It’s worth noting that unlike the Dow Jones Industrial Average, which is price-weighted, the S&P 500 is a market cap-weighted index, which can skew the numbers in favor of larger companies like Apple and Amazon.
Even so, the Big 10 numbers largely demonstrate the powerhouse potential of just a handful of companies dominating S&P 500 performance so far in 2023.
If you own even three or four of the top 10 stocks, chances are you’re having a good run in the stock market – at least through the first half.
