2024-06-17 11:45:00 ET
Summary
- The Russell 2000 fell 1.6% on Friday, was in the red year-to-date, was back where it had first been in January 2021, and was down 18% from its all-time high in November 2021.
- The Nasdaq Composite eked out the fifth record close in a row on Friday, and was up 9.1% from its previous-cycle high in November 2021.
- The S&P 500 Index is now governed by a junta of three stocks with a combined market cap of nearly $10 trillion (Nvidia, Apple, and Microsoft) and another three stocks with a combined market cap of $5.4 trillion (Amazon, Alphabet, and Meta).
A market hooked on a handful of mega-cap stocks is a precarious place to be.
The Russell 2000, which tracks the smallest 2000 stocks in the Russel 3000, fell 1.6% on Friday, was in the red year-to-date, was back where it had first been in January 2021, and was down 18% from its all-time high in November 2021 (data via YCharts)....
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Junta Of Mega-Cap Stocks Rules