Feb 7, 2020 - Economy & Business

The 5 biggest U.S. stocks account for almost 18% of the S&P 500's market value

Illustration: Lazaro Gamio/Axios

The five biggest U.S. stocks — Apple, Microsoft, Alphabet, Amazon and Facebook — have grown so explosively that they account for nearly 18% of the S&P 500 index by market value, AP reports.

Why it matters: Never before have five companies held such powerful sway over the index, according to Morgan Stanley strategists.

The history: The last time five stocks controlled this much of the S&P 500 was during the tech bubble at the turn of the millennium.

  • That bubble eventually popped, and stocks like Cisco and GE shrank to become smaller players. Microsoft was also among them, but it has since climbed back to the top.

One difference between this time and the dot-com bubble is that many analysts don't see prices as grossly over-inflated now.

  • Each of today's Big Five is producing strong growth even when the global economy has been stuck in a sluggish pace for years.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 5,490,954 — Total deaths: 345,962 — Total recoveries — 2,228,915 — Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 1,662,250 — Total deaths: 98,218 — Total recoveries: 379,157 — Total tested: 14,604,942 — Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answered — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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What’s happening: Advocacy groups typically target college campuses, churches, festivals, fairs and other gatherings to seek out people who have yet to register, but many of those places are now closed. Voter registration efforts have largely moved to the internet, but advocates question whether that will be as effective as the person-to-person pitch.

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