![]() The huge gains mean that these big tech stocks have become bloated in some indexes, which are often weighted by market capitalization. Nvidia reached a $1 trillion market cap earlier this year, while Apple topped a $3 trillion market cap last month. Nvidia shares have surged about 215% for the year, Apple jumped 47% and Microsoft gained 43%. They have also driven the lion’s share of the market’s rally this year, though the market’s run has widened in recent weeks to include a more diverse basket of stocks. Those top seven stocks, Amazon, Apple, Alphabet, Meta Platforms, Microsoft, Nvidia and Tesla, dubbed by some the Magnificent Seven, have skyrocketed this year on artificial intelligence buzz. The Nasdaq is looking to fix that problem – without changing any of the stocks in the index. Seven companies listed in the Nasdaq-100 accounted for roughly 51% of the index as of June 3, according to a note by Louis Navellier, chairman of Navellier & Associates. The popular Invesco QQQ exchange-traded fund tracks the index. ![]() What happened: The index comprises 100 of the largest non-financial companies listed on the Nasdaq. The Nasdaq-100 index is getting a fresh look. ![]()
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