Just 10 stocks, accounted for 25% of total market capitalization
The Wild Ride of the FANGMANTIS Stocks v. Rest of Market
by Wolf Richter Sep 11, 2020
These 10 stocks, weighing 25% of the total market, are on one heck of a ride, now in the wrong direction. Rest of market has gone nowhere in nearly 3 years despite huge volatility.
By Wolf Richter for WOLF STREET.
The FANGMANTIS struck again. This WOLF STREET index of ten giant tech stocks, accounting for 25.5% of the total stock market capitalization as tracked by the Wilshire 5000, fell 1.1% today, though the broader market eked out a minuscule gain, with the S&P 500 up a hair.
These 10 stocks Facebook, Apple, NVIDIA, Google parent Alphabet, Microsoft, Amazon, Netflix, Tesla, Intel, and Salesforce.com . . . Their combined market value (outstanding shares times share price) at its high on September 2 was $9.3 trillion. Since then, the FANGMANTIS Index has dropped by 12.9%, or to put real dollars to it, by $1.20 trillion (market cap data via YCharts):