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Expand chart
Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

  • In August, five companies — Apple, Microsoft, Amazon, Facebook and Alphabet — held a share of the S&P 500 that was 9% greater by market cap than the index's 300 smallest companies. This was a record amount.

What they're saying: "These trillion-dollar tech juggernauts have boosted their market-cap weight in 11 of the past 12 months — zooming from 15.8% of the S&P 500 last September, to 23.9% in August," Phil Segner, a Leuthold Group research analyst, said in a recent note to clients.

  • "What’s even more remarkable is that this trend has persisted during a 33% downdraft and a 60% updraft. September’s relative wobble in the 'Top 5' has trimmed its weight back to 21.7%, which is the largest month-to-month decline since 2000."
  • "Even with the trim, the current weight of the S&P 500’s Top 5 is still well above the Tech Bubble’s high of 18.1%."

Go deeper

Tesla to join S&P 500 as its biggest new member ever

People look at electric vehicles at a Tesla store in Shanghai, China. Photo: Yan Daming/VCG via Getty Images

Tesla will join the S&P 500, the index's committee said on Monday.

Why it matters: After years of ineligibility, one of the most valuable U.S. companies by market cap (and the most valuable automaker in the world) is joining the main benchmark of the stock market as its biggest new member ever.

Ben Geman, author of Generate
22 mins ago - Energy & Environment

Carbon emissions are roaring back from COVID-19

Expand chart
Data: IEA Global Energy Review 2021; Chart: Axios Visuals

Global energy-related carbon emissions will surge this year as coal, oil and natural gas consumption return from the pandemic that caused an unprecedented emissions decline, the International Energy Agency estimated Tuesday.

Why it matters: The projected rise of nearly 5% would be the largest since the "carbon intensive" recovery from the financial crisis over a decade ago, IEA said, putting emissions just below their 2019 peak.

45 mins ago - Axios Twin Cities

Jurors resume deliberations as the nation awaits Chauvin verdict

Protesters outside Hennepin County Government Center on the day of closing arguments. Photo: Christopher Mark Juhn/Anadolu Agency via Getty Images

Jurors in the Derek Chauvin trial resume deliberations Tuesday morning as the nation waits for a verdict.

The latest: The 12 jurors met behind closed doors for about three hours Monday before breaking for the night at 7pm.