Over a third of the S&P 500 is now concentrated in the "Magnificent Seven" stocks, up from a fifth of the index two years ago.
Source: Charlie Bilello
Earnings do matter
Source: Investment Strategy Group, Bloomberg, S&P Global
SpaceX is estimated to be up 10x since COVID (private marks)
Source: The Long View @HayekAndKeynes on X
SP500 companies’ revenue per worker.
Source: Eugene Ng on X, BofA
Since 1950, the S&P 500 has had an average intra-year drawdown of -13.6% but is still up 11.6% per year annualized.
No Risk, no Reward. Source: Peter Mallouk @PeterMallouk
Shocking stat of the day: The market cap of the SP500’s top 5 stocks is now equal to the size of the bottom 407 stocks.
Apple, $AAPL, Nvidia, $NVDA, Microsoft, $MSFT, Google, $GOOGL, and Amazon, $AMZN are worth now a combined $15.3 trillion. These companies have added $5 TRILLION in market value since the beginning of last year. To put this into perspective, these 5 stocks are worth now nearly as much as China and Hong Kong's stock markets COMBINED. The top 5 companies reflect a record 24% of the entire US stock market cap. Source: Compound, The Kobeissi Letter
Actual S&P 500 earnings growth has exceeded expectations during the last few years.
Will it be the case again this quarter? Source: The Market Ear, Factset
Did powerlines cause the Los Angeles wildfires?
Edison International stock, $EIX, the parent company of Southern CA Edison, is currently crashing. It's now down -30% since the fires began, erasing $10 BILLION of market cap. Could this be the next big bankruptcy? Source: The Kobeissi Letter
