S&P, Nasdaq soar in 2023 thanks to big tech stocks

Quick Take

• Both the S&P 500 and Nasdaq Composite are up so far in 2023; the S&P is up over 9%, while the Nasdaq Composite is up 25% year to date.
• However, the uptick in the indices comes from just the stocks of Alphabet, Amazon, Apple, Meta, Microsoft, Tesla, and Nvidia when digging closer into the data.
• These seven tech company stocks are up $3.16 trillion, or 46%, since the start of the year, according to Jeroen Blokland, the founder of investment research firm True Insights
• However, the combined market cap of all other 493 stocks in the S&P 500 index is down $0.85 trillion, or 3% this year, according to Blokland.
• Meanwhile, Nvidia saw an exceptional climb this year, up over 158%, and on May 25 saw one of the largest single-day market cap gains in U.S. stock market history, according to Bloomberg and Yahoo Finance data gathered by Statista.

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