{"id":235030,"date":"2024-06-21T15:31:32","date_gmt":"2024-06-21T15:31:32","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/21\/nvidia-is-carrying-the-sp-500-like-no-company-since-possibly-ibm-4-decades-ago\/"},"modified":"2025-06-25T17:16:30","modified_gmt":"2025-06-25T17:16:30","slug":"nvidia-is-carrying-the-sp-500-like-no-company-since-possibly-ibm-4-decades-ago","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/21\/nvidia-is-carrying-the-sp-500-like-no-company-since-possibly-ibm-4-decades-ago\/","title":{"rendered":"Nvidia is carrying the S&P 500 like no company since possibly IBM 4 decades ago"},"content":{"rendered":"

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The astounding performance of a few tech companies is masking an otherwise mediocre stock market. The S&P 500 Index<\/a> broke its 31st record of the year on Tuesday, closing at 5,487.03, according to Bloomberg data<\/a>. While the index is up over 15% this year, that growth is by no means evenly shared.<\/p>\n

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Looking at year-to-date data through June 18, shares of Nvidia<\/a>, Microsoft<\/a>, Apple<\/a>, Meta, Google<\/a>, Amazon<\/a>, and Broadcom<\/a> have on average soared by 25.3%, while the remaining 493 companies have grown by just 2.7%. In June alone, the \u201cMagnificent Seven\u201d (the previously cited list, swapping in Broadcom<\/a> for Tesla) are on average up 7.5%, but the rest of the index is down -0.5%, according to Howard Silverblatt, senior index analyst at S&P. On Tuesday, Nvidia<\/a>, Microsoft, and Apple stock equated to half of the index\u2019s total returns, he adds.<\/p>\n

This unprecedented level of concentration is leaving some portfolio managers nervous. \u201cThey\u2019re biting their nails. Because the bottom line is, if you are not in this, you\u2019re not getting your return,\u201d Silverblatt told Fortune<\/em>.<\/p>\n