Just 5 Stocks Drove More Than 80% of August’s Major Index Gains
A remarkably small group of stocks did most of the heavy lifting for U.S. equities in August.
In the Nasdaq-100, the top five contributors accounted for 86% of the index’s 3.47% gain, led by Palantir Technologies $Palantir Technologies Inc.(PLTR)$ , Micron Technology $美光科技(MU)$ , NVIDIA, Tesla $特斯拉(TSLA)$ and Apple.
The S&P 500 told a similar story. Its five biggest contributors generated 84% of the index’s 2.00% gain, with NVIDIA, Apple, Palantir, Micron and Microsoft at the top.
Headline index strength can sometimes hide how narrow the underlying participation really is.
It also cuts both ways: Amazon, Alphabet Inc., Broadcom and Applied Materials were among the biggest drags across the two benchmarks.
August was positive for both indices, but the gains were far from evenly distributed.
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