---
title: Biggest spenders have been biggest drag on S&P 500 since the start of June.
description: "The chart below shows contribution to SPX declines versus 12 month capex estimates. \n\nApple is the outlier.\n\nTim Apple is leaving the company on a high note. It takes a lot of discipline not to follow the crowd - undoubtedly part of the reason why Buffett loves him. \n\nSource: Bloomberg, Negligible Capital"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [Biggest spenders have been biggest drag on S&P 500 since the start of June.](https://blog.syzgroup.com/syz-the-moment/biggest-spenders-have-been-biggest-drag-on-sp-500-since-the-start-of-june)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Jul 27, 2026, 2:26:03 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/biggest-spenders-have-been-biggest-drag-on-sp-500-since-the-start-of-june)

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