With a collective weighting of 27% in the S&P 500, weakness in the megacaps could further deflate the broader index, now down 6.6% from its July highs, investors said.
NEW YORK: Surging bond yields are rattling US stocks, and some investors worry the richly valued shares of giant technology and growth companies may be another weak spot.
Seven megacap stocks – Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta Platforms – have led broader markets higher this year. As of Tuesday, these stocks accounted for more than 80% of the S&P 500's total return for 2023.
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