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

By Press On May 27, 2023

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.