PLM - $10 Trillion Added In Market Cap; 2023's Best And Worst Through July
2023-08-02 10:45:00 ET
Summary
- The US stock market (using the Russell 3,000 as a proxy) has now seen an increase in market cap of roughly $10 trillion from its bear market low last October through the end of July 2023.
- the peak market cap for the US stock market was $51.5 trillion seen on the first day of 2022.
- From high to low, total US market cap fell $13.7 trillion during last year’s bear, but since then it has risen back up to $47.7 trillion.
The US stock market (using the Russell 3,000 as a proxy) has now seen an increase in market cap of roughly $10 trillion from its bear market low last October through the end of July 2023.
As shown below, the peak market cap for the US stock market was $51.5 trillion seen on the first day of 2022. From high to low, total US market cap fell $13.7 trillion during last year’s bear, but since then it has risen back up to $47.7 trillion. To get back to new all-time highs, total market cap would need to rise by roughly $3.8 trillion.
The average Russell 3,000 stock rose 5.74% in July. There were 813 stocks in the index that rose 10%+ in July, including 29 names that rose 50%+ which are listed in the table below.
This list is made up of many of the high-fliers during the post-COVID bull that then got slaughtered during last year’s bear. Four names rose 100%: PolyMet Mining ( PLM ), Quantum-Si ( QSI ), UroGen Pharma ( URGN ), and Bridgebio Pharma ( BBIO ).
Other notable names on the list of big July winners include Nikola ( NKLA ), Upstart ( UPST ), Carvana ( CVNA ), QuantumScape ( QS ), Rivian ( RIVN ), and Riot Platforms ( RIOT ).
In case you haven’t been keeping track, Riot Platforms used to be Riot Blockchain, and before that, in early 2018 its name was Bioptix and it described itself as a company involved in developing new ways to test animals for disease.
Through July, the average Russell 3,000 stock was up 18.1% year-to-date. Below is a list of the 35 names that are already up 200%+ on the year. Topping the list is Carvana with a YTD gain of 869% after gaining 77.3% in July.
Back in December 2022, CVNA had fallen into the $3s, but it’s now back up to the mid-$40s. Next up is Bit Digital ( BTBT ) with a YTD gain of 638%, followed by Cipher Mining ( CIFR ), IonQ ( IONQ ), Riot, and Applied Digital ( APLD ).
Similar to the list of July’s biggest winners, the biggest winners YTD are many of the names that got hit the hardest last year, with many falling more than 70% during their bear market drawdowns.
Carvana, for example, was actually down 98% from its all-time high when it bottomed in 2022, so even after gaining more than 800% this year, it needs to gain another 700% from here to get back to new highs.
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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$10 Trillion Added In Market Cap; 2023's Best And Worst Through July