Just 20 Stocks Have Driven S&P 500 Returns So Far in 2023
Just 20 Stocks Have Driven Most of S&P 500 Returns
Just 20 firms—mainly AI-related stocks—are propping up the S&P 500 and driving it into positive territory, signaling growing risk in the market.
The above graphic from Truman Du shows which stocks are making up the vast majority of S&P 500 returns amid AI market euphoria and broader market headwinds.
Big Tech Stock Rally
Tech and AI stocks have soared as ChatGPT became a household name in 2023.
The below table shows data from last month, highlighting that just a small collection of companies drove most of the action on the U.S. benchmark index.
| Company Rank | Name | Contribution to S&P 500 Return | Average Weight |
|---|---|---|---|
| 1 | Apple | 1.49% | 6.61% |
| 2 | Microsoft | 1.15% | 5.72% |
| 3 | NVIDIA | 1.00% | 1.62% |
| 4 | Meta | 0.66% | 1.15% |
| 5 | Amazon | 0.51% | 2.56% |
| 6 | Tesla | 0.50% | 1.39% |
| 7 | Alphabet (Class A Shares) | 0.34% | 1.72% |
| 8 | Alphabet (Class C Shares) | 0.31% | 1.53% |
| 9 | Salesforce | 0.19% | 0.51% |
| 10 | Advanced Micro Devices | 0.16% | 0.39% |
| 11 | General Electric | 0.10% | 0.28% |
| 12 | Visa | 0.10% | 1.08% |
| 13 | Broadcom | 0.09% | 0.73% |
| 14 | Intel | 0.09% | 0.35% |
| 15 | Walt Disney | 0.08% | 0.55% |
| 16 | Booking Holdings | 0.07% | 0.28% |
| 17 | Exxon Mobil | 0.06% | 1.37% |
| 18 | Netflix | 0.06% | 0.44% |
| 19 | Oracle | 0.06% | 0.40% |
| 20 | Adobe | 0.06% | 0.49% |
| Top 20 Companies | 7.05% | 29.17% | |
| S&P 500* | 7.55% | 100.00% |
*Based on the Vanguard S&P 500 ETF as of April 11, 2023. Source: Vanguard S&P500 ETF, Bloomberg.
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