Business Insider: “The S&P 500 is moving on from its Big Tech fixation, but that could mean smaller 3rd-quarter gains”By datatrekresearch in IN THE NEWS
Excerpt from Business Insider quoting DataTrek co-founder Nick Colas:
.... "Big Tech's hold on the S&P 500 is finally loosening, as other sectors strengthen their presence on the index, according to Nicholas Colas, cofounder of DataTrek Research.
While those stocks accounted for virtually all the S&P 500's gains at the start of the year, Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta have contributed less towards the index's returns since then.
"The rest of the US equity market is finally catching up, which is great, but that means Q3 gains may not be as robust as Q2 unless Big Tech has another leg higher," Colas said in a Monday note"....
Full article here on Business Insider.