MarketWatch: “Big Tech’s added bulk in S&P 500 in 2023 outweighs index’s energy sector, DataTrek says”By datatrekresearch in IN THE NEWS
Excerpt from MarketWatch quoting DataTrek co-founder Nick Colas:
.... "These “seven stocks are just over a quarter of the S&P after starting the year as one-fifth of the index,” Nicholas Colas, co-founder of DataTrek, wrote in the note. “One might have convincingly argued that even 20 percent was too high a weighting, but that has not stopped this cohort from gobbling up even more S&P 500 ‘market share’.”
Big Tech has “gained 7.4 points of S&P 500 weighting” in 2023, exceeding the weighting of the index’s entire large-cap energy sector, according to the note. The energy sector weighs in at 4.2% of the S&P 500.
Meanwhile, the amount of Big Tech’s added weight this year is also about triple the 2.5% the materials sector represents in the index, said Colas"....
Full article here on MarketWatch.