What a year.

The market has NEVER witnessed a year like 2023 (so far).

The magnificent seven stocks, AAPL, MSFT, GOOGL, AMZN, NVDA, META, and TSLA, have masqueraded the overall weakness in most stocks.

The annual contribution of the ten largest market cap-weighted stocks has accounted for 96.5% of this year’s S&P 500 return.

In other words, the return of the other 493 stocks in the S&P 500 is less than +2% vs a gain of over +12% for the index.

That is what you call narrow breadth.

The closest year to 2023 is 2007 when the top 10 stocks contributed 78.7% of the S&P 500 gains, but the index was only up +3.5%.

credit; Todd Sohn

To put things in further perspective, as of this writing, the S&P 500 is up +14% YTD, vs a 0% gain for the EQUAL weight S&P 500.  The Dow Jones is up +1.7%, and the small caps are down for the year.

The good news is that breadth probably cannot get any worse. It reinforces owning the large-cap index ETFs, i.e., $SPY, $QQQ, as part of your portfolio.


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  • Questions? You can reach me via email or call 646-480-7463



This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this blog constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog. The stocks presented are not to be considered a recommendation to buy any stock. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.