diff --git "a/3a4206fb-5cd5-4db1-a330-9b4e5f3b073c.json" "b/3a4206fb-5cd5-4db1-a330-9b4e5f3b073c.json" new file mode 100644--- /dev/null +++ "b/3a4206fb-5cd5-4db1-a330-9b4e5f3b073c.json" @@ -0,0 +1,40 @@ +{ + "interaction_id": "3a4206fb-5cd5-4db1-a330-9b4e5f3b073c", + "search_results": [ + { + "page_name": "How the S&P 500 is built, and who decides what companies go in it", + "page_url": "https://qz.com/1587963/how-the-sp-500-is-built-and-who-decides-what-companies-go-in-it", + "page_snippet": "For 24 years, David Blitzer decided which companies belong in the world's most recognizable stock market benchmark. He retired last month.Since 1995, David Blitzer has been one of the most influential figures in stock markets around the world. He isn\u2019t a household name, but as longtime chair of the index committee for S&P Global, Blitzer led the team that decides which companies go into the all-important S&P 500 index. This index of the largest publicly traded American companies encompasses roughly 80% of the entire US stock market, and nearly $10 trillion\u2014with a \u201cT\u201d\u2014in assets is benchmarked or directly linked to it. Even as the rise of index funds and passive investing has cemented the S&P 500\u2019s status as the premier benchmark of \u201cthe market\u201d in portfolios and pension funds around the world, few people think very hard about how it is built, or the people who build it. Once a quarter, stocks are added or deleted as rules change, companies grow (or shrink), and merge. The ins, outs, and adjustments to companies\u2019 weights in the index can be quite subjective and not nearly as mechanical as the funds and trackers that passively invest based on its composition. After merging with Poor\u2019s Publishing Company in 1941, the newly formed Standard & Poor\u2019s index tracked just over 400 companies. The S&P 500, as we know it, was born on March 4, 1957 (pdf), collectively tracking the performance of 425 industrial, 15 rail, and 60 utility stocks.", + "page_result": "How the S&P 500 is built, and who decides what companies go in it
Markets
STANDARD BEARER

The art and science of stewarding the S&P 500

\"David
David Blitzer, the real \u201cMr. Market.\u201d
Image: Reuters/Eric Thayer
By
Matthew De Silva

Since 1995, David Blitzer has been one of the most influential figures in stock markets around the world. He isn\u2019t a household name, but as longtime chair of the index committee for S&P Global, Blitzer led the team that decides which companies go into\u00a0the all-important S&P 500 index.

This index of the largest publicly traded American companies encompasses roughly 80% of the entire US stock market, and nearly $10 trillion\u2014with a \u201cT\u201d\u2014in assets is benchmarked or directly linked to it. Even as the rise of index funds and passive investing has cemented the S&P 500\u2019s status as the premier benchmark of \u201cthe market\u201d in portfolios and pension funds around the world, few people think very hard about how it is built, or the people who build it.

Blitzer retired last month after 24 years at the helm of S&P\u2019s index committee, and his successor, Philip Murphy, inherited\u00a0a system that\u2019s a mix of art and science. The curation of the S&P 500 is guided by strict rules, but these are sometimes open to interpretation.

S&P is one of three major index providers\u2014the others are MSCI and FTSE Russell. Each operates slightly differently, but when investors talk about \u201cbeating the market,\u201d they\u2019re usually referring to their performance in relation to a benchmark created by one of these groups. More often than not, that benchmark is the S&P 500.

Essentially, the S&P 500 is a list. Once a quarter, stocks are added or deleted as rules change, companies grow (or shrink), and merge. The ins, outs, and adjustments to companies\u2019 weights in the index can be quite subjective and not nearly as mechanical as the funds and trackers that passively invest based on its composition.

\"S&P
S&P 500 composition, by sector.
Image: S&P Dow Jones Indices

In the beginning

Standard Statistics Bureau published an index of 233 companies starting in 1923, which it updated weekly. After merging with Poor\u2019s Publishing Company in 1941, the newly formed Standard & Poor\u2019s index tracked just over 400 companies. The S&P 500, as we know it, was born on March 4, 1957 (pdf), collectively tracking the performance of 425 industrial, 15 rail, and 60 utility stocks. At its outset, the index\u2019s largest component was American Telephone and Telegraph (AT&T), with a market cap of $11.2 billion. Today, AT&T\u2019s market cap is around $275 billion\u00a0and it doesn\u2019t crack the top 10 of index constituents.

Over the past 60 years or so, the S&P 500\u2019s composition has changed dramatically. In 2007, the index\u2019s 50th anniversary, S&P published a list of the 86 companies that remained from the original lineup. That number has steadily declined, and today, only about 60 original members remain.

As original members have dwindled, so has the average tenure of companies in the index. In 1964, the average index tenure of an S&P 500 company was 33 years. As of 2016, tenure shrank to 24 years, according to Innosight, a consulting firm. By 2027, Innosight expects S&P 500 tenure to shrink to 12 years.

\u201cRecord private equity activity, a robust M&A market, and the growth of startups with billion-dollar valuations are leading indicators of future turbulence,\u201d Innosight explained in a report (pdf). \u201cAt the current churn rate, about half of S&P 500 companies will be replaced over the next ten years.\u201d

\"Image
Image: Innosight

How does a company qualify for the S&P 500?

The simplest criterion for joining the S&P 500 is being big. As of August, a company must have an unadjusted market cap of at least $8.2 billion (a number that fluctuates based on the stock market\u2019s booms and busts). Per S&P\u2019s eligibility criteria (pdf), only US-domiciled companies whose common stock trades on the NYSE, Nasdaq, Cboe, or IEX are candidates, and at least of 50% of a company\u2019s shares must be available for trading by the public. There\u2019s also a minimum liquidity requirement, measured by the ratio of the annual value of shares traded versus market cap, and companies with multiple share classes are excluded (mostly\u2014more on this below).

Furthermore, S&P requires that a company aiming for inclusion reports positive earnings for its most recent quarter, in addition to an aggregate profit over the previous four quarters. Newly listed companies need to trade for a year before being considered for a spot in the index.

\u201cTurnover in index membership should be avoided when possible,\u201d says S&P. Once a company is in the index, it might not always meet the criteria that got it there. \u201cAs a result, an index constituent that appears to violate criteria for addition to that index is not deleted unless ongoing conditions warrant an index change,\u201d notes the index methodology.

The committees that oversee the rebalancing of S&P\u2019s indexes \u201creserve the right to make exceptions when applying the methodology if the need arises,\u201d the company says.

The index committee

Murphy, the managing director and global head of the index governance group, is supported by nine index committee members who are full-time employees of S&P Global. They meet once a month to discuss the potential revisions to the S&P 500 and other indexes. Unlike Murphy, and Blitzer before him, other committee members\u2019 identities are kept secret (paywall).

Votes by the index committee are decided by a simple majority, S&P told Quartz, and each committee member\u2019s vote counts equally\u2014even the director\u2019s. In the event of a tie, discussion continues until a resolution has been reached.

\u201cThe Index Committee structure is intended to foster a collaborative decision-making process,\u201d explained S&P. \u201cAll index committee members are encouraged to participate and voice their opinions and positions on all relevant matters. One role of any chairperson is to ensure everyone has their opportunity to opine on all decisions.\u201d

When I asked S&P why Murphy\u2019s title is different from Blitzer\u2019s (chairman), a company spokesperson said the organizational structure had not changed. However, since there are multiple index committees, it now makes \u201cless sense\u201d to say chair of the\u00a0index committee.

The effects of membership

How many stocks are in the S&P 500? This isn\u2019t such a straightforward question: the index currently has 505 stocks in it. That\u2019s because companies increasingly have multiple share classes\u2014a growing trend\u00a0among tech companies\u2014and a few were grandfathered into the index by S&P when it changed the rules on this corporate governance quirk in 2017. That\u2019s why Facebook and Berkshire Hathaway are in the index, and five companies (Alphabet, Discovery Inc., Fox, News Corp., and Under Armour) appear in the index twice, with different share classes.

When the committee announces the addition of a new company to the S&P 500, that stock frequently rises\u2014at least temporarily\u2014as the funds tracking the index add the company to their portfolios. For instance, Facebook shares rose 4% after S&P announced the company\u2019s addition in 2013 (paywall). Similarly, Twitter shares jumped after its addition last June (paywall).

Older studies, published in the 1990s, suggested the price boost from getting into the S&P 500 was persistent and measurable (pdf), sometimes as large as 5-7%. However, more recent research indicates\u00a0the listing bump is short-lived. In 2011, researchers from the New York Fed (pdf) found that, all things equal, a stock\u2019s inclusion in the S&P 500 did not result in a permanent increase in market value. Prior studies, the researchers said, did not control for companies\u2019 strong performance prior to their index listings (as traders bet on likely candidates for inclusion, hoping for a bump when they ultimately make it).

Regardless of whether the index boost is fleeting or not, the selection process is an extremely sensitive matter. Blitzer described S&P\u2019s safeguards in a 2013 interview with Forbes:

Let\u2019s start with a simple fact: trading on inside information is illegal. If you do it, you will get caught, and when you get caught, you\u2019ll go to jail. We remind ourselves of that fairly often.

We also have some procedures and controls in place. Until about 4:30 PM on December 11, the only people who knew about the Facebook announcement were the members of the Index Committee. They draft the announcement and proofread it. All the emails and documents used by the Index Committee are encrypted. The section [of] our NY office where our index managers and committee members work is separate from the rest of the office and only people sitting in that section can get in \u2013 the doors are locked.\u00a0 Around 5 PM the announcement is sent to our web-posting team with instructions to publish it at 5:15 PM and send it to various news services at the same time.

What makes S&P different

FTSE Russell\u2019s benchmark indexes are constructed in a more automatic way than the S&P 500. Although eligibility requirements are similar to S&P\u2019s, each May is called \u201cranking month.\u201d That\u2019s when FTSE Russell arranges index members by market cap and assigns them to different groups based on size\u2014the Russell 1000 for the largest stocks, the Russell 2000 for smaller shares. \u201cAs Russell\u2019s method of selection is particularly transparent (unlike for the Dow or the MSCI indices where more judgment is involved), investors can trade ahead of the changes\u2014meaning that on average, stocks that move index trade 45 times their normal volume on the day of reconstitution,\u201d noted the Financial Times (paywall).

MSCI follows a quarterly rebalancing timetable and runs a similar committee arrangement to S&P. Or, as MSCI puts it, \u201can innovative maintenance methodology that provides superior balance between the need for a stable index that is flexible enough to adjust quickly to a constantly changing opportunity set.\u201d MSCI recently came under fire for alleged foreign political influence (paywall), stemming from its decision to include Chinese domestic stocks in its widely followed emerging markets index. The index company\u2019s annual market classifications\u2014whether a country\u2019s stocks are considered \u201cstandalone,\u201d \u201cfrontier,\u201d \u201cemerging,\u201d or \u201cdeveloped\u201d\u2014are closely watched among investors.

David Blitzer\u2019s legacy

Blitzer\u2019s steady, long-running oversight over key market indexes have been punctuated by a few critical, and sometimes controversial, choices. Over the past two decades, he helped reshape the S&P 500 to reflect the digital emphasis of corporate America, made tough calls about exceptions to the rules during the 2008 financial crisis, and in his twilight years, assumed responsibility for the 123-year-old Dow Jones Industrial Average, which is constructed in archaic ways.

Since the index committee\u2019s discussions take place\u00a0behind closed doors, it\u2019s difficult to gauge how much influence Blitzer exerted over the process during his tenure. \u201cIf the only requirements for maintaining an index were getting the numbers right each day, a fixed rule book would suffice,\u201d Blitzer wrote in 2014. \u201cBut when the market doesn\u2019t play by the rules, a rigid rule book won\u2019t work.\u201d Key occasions when the committee exercised its judgment on the composition of indexes reveal how influential the committee run by Blitzer\u2014and now Murphy\u2014has been.

AOL

On New Year\u2019s Eve 1998, American Online was added to the S&P 500 after market close, unofficially marking the start of the dotcom bubble. In a recent CNBC appearance, Blitzer recalled the index committee being told it \u201cblessed the internet\u201d by adding AOL to the index.

A 1998 CNN article captured the moment: \u201cThe addition of AOL to the S&P 500 may be an attempt to update the image of the venerable index by adding a red-hot Internet stock and giving it more of a technology slant.\u201d While AOL has long since disappeared from the index, Blitzer\u2019s willingness to include an internet company in the S&P 500 arguably opened the investment floodgates for web-based business.

AIG

One of the committee\u2019s more dramatic decisions was its choice not to remove AIG from the S&P 500 when the US Treasury Department bailed out the troubled financial firm during the financial crisis. Blitzer explained the committee\u2019s thinking in a 2014 blog post:

Shortly after Lehman filed for bankruptcy [on September 15, 2008], the news broke that the US Treasury was bailing out AIG, one of the world\u2019s largest insurance companies. Suddenly the Treasury owned over 90% of the company. The S&P 500 guidelines require that any company in the index have a public float of at least 50%. Under the rules, the index would have removed AIG. In those scary moments, dropping AIG would have sent the markets tumbling yet again. Given market conditions and investor fears, the Index Committee quietly set the 50% float rule aside. No trading was required. Fast forward a few years, the Treasury sold its shares back to the company and the 50% float rule was okay.

General Electric

Perhaps the most memorable decision of Blitzer\u2019s tenure, though, is one of the committee\u2019s more recent ones\u2014the deletion of General Electric from the Dow. GE was the index\u2019s last remaining original member.

\u201cAs economies change, some companies become old. You no longer want the buggy whip factory in the S&P 500 and GE is now seen as a declining conglomerate,\u201d explains John Coffee, director of the Center on Corporate Governance at Columbia Law School. \u201cSo it goes and you want to bring in the new people like the Amazons of this world, and that\u2019s been going along at a gradual pace.\u201d

The removal of GE from the Dow also stands out because it was replaced by Walgreens, a retailer, rather than another industrial group. \u201cIf you have to delist something because it\u2019s no longer representative\u2026 you\u2019re not going to replace it with the nearest identical company,\u201d says Coffee. \u201cYou\u2019re going to look to see which sector is underrepresented in terms of its share of overall US market capitalization.\u201d

Indeed, as American business has changed, the S&P and Dow have changed along with it. While Blitzer dealt with plenty of disruption during his time, Murphy may face even thornier challenges as his successor. For example, the money-losing business models and convoluted corporate governance of recently listed and soon-to-IPO tech giants will present difficult decisions on index eligibility. It\u2019s not that much of an exaggeration to say that our financial future depends on what the committee decides.

\ud83d\udcec Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.

", + "page_last_modified": "" + }, + { + "page_name": "How the S&P 500 is built, and who decides what companies go in it", + "page_url": "https://qz.com/1587963/how-the-sp-500-is-built-and-who-decides-what-companies-go-in-it", + "page_snippet": "For 24 years, David Blitzer decided which companies belong in the world's most recognizable stock market benchmark. He retired last month.Since 1995, David Blitzer has been one of the most influential figures in stock markets around the world. He isn\u2019t a household name, but as longtime chair of the index committee for S&P Global, Blitzer led the team that decides which companies go into the all-important S&P 500 index. This index of the largest publicly traded American companies encompasses roughly 80% of the entire US stock market, and nearly $10 trillion\u2014with a \u201cT\u201d\u2014in assets is benchmarked or directly linked to it. Even as the rise of index funds and passive investing has cemented the S&P 500\u2019s status as the premier benchmark of \u201cthe market\u201d in portfolios and pension funds around the world, few people think very hard about how it is built, or the people who build it. Once a quarter, stocks are added or deleted as rules change, companies grow (or shrink), and merge. The ins, outs, and adjustments to companies\u2019 weights in the index can be quite subjective and not nearly as mechanical as the funds and trackers that passively invest based on its composition. After merging with Poor\u2019s Publishing Company in 1941, the newly formed Standard & Poor\u2019s index tracked just over 400 companies. The S&P 500, as we know it, was born on March 4, 1957 (pdf), collectively tracking the performance of 425 industrial, 15 rail, and 60 utility stocks.", + "page_result": "How the S&P 500 is built, and who decides what companies go in it
Markets
STANDARD BEARER

The art and science of stewarding the S&P 500

\"David
David Blitzer, the real \u201cMr. Market.\u201d
Image: Reuters/Eric Thayer
By
Matthew De Silva

Since 1995, David Blitzer has been one of the most influential figures in stock markets around the world. He isn\u2019t a household name, but as longtime chair of the index committee for S&P Global, Blitzer led the team that decides which companies go into\u00a0the all-important S&P 500 index.

This index of the largest publicly traded American companies encompasses roughly 80% of the entire US stock market, and nearly $10 trillion\u2014with a \u201cT\u201d\u2014in assets is benchmarked or directly linked to it. Even as the rise of index funds and passive investing has cemented the S&P 500\u2019s status as the premier benchmark of \u201cthe market\u201d in portfolios and pension funds around the world, few people think very hard about how it is built, or the people who build it.

Blitzer retired last month after 24 years at the helm of S&P\u2019s index committee, and his successor, Philip Murphy, inherited\u00a0a system that\u2019s a mix of art and science. The curation of the S&P 500 is guided by strict rules, but these are sometimes open to interpretation.

S&P is one of three major index providers\u2014the others are MSCI and FTSE Russell. Each operates slightly differently, but when investors talk about \u201cbeating the market,\u201d they\u2019re usually referring to their performance in relation to a benchmark created by one of these groups. More often than not, that benchmark is the S&P 500.

Essentially, the S&P 500 is a list. Once a quarter, stocks are added or deleted as rules change, companies grow (or shrink), and merge. The ins, outs, and adjustments to companies\u2019 weights in the index can be quite subjective and not nearly as mechanical as the funds and trackers that passively invest based on its composition.

\"S&P
S&P 500 composition, by sector.
Image: S&P Dow Jones Indices

In the beginning

Standard Statistics Bureau published an index of 233 companies starting in 1923, which it updated weekly. After merging with Poor\u2019s Publishing Company in 1941, the newly formed Standard & Poor\u2019s index tracked just over 400 companies. The S&P 500, as we know it, was born on March 4, 1957 (pdf), collectively tracking the performance of 425 industrial, 15 rail, and 60 utility stocks. At its outset, the index\u2019s largest component was American Telephone and Telegraph (AT&T), with a market cap of $11.2 billion. Today, AT&T\u2019s market cap is around $275 billion\u00a0and it doesn\u2019t crack the top 10 of index constituents.

Over the past 60 years or so, the S&P 500\u2019s composition has changed dramatically. In 2007, the index\u2019s 50th anniversary, S&P published a list of the 86 companies that remained from the original lineup. That number has steadily declined, and today, only about 60 original members remain.

As original members have dwindled, so has the average tenure of companies in the index. In 1964, the average index tenure of an S&P 500 company was 33 years. As of 2016, tenure shrank to 24 years, according to Innosight, a consulting firm. By 2027, Innosight expects S&P 500 tenure to shrink to 12 years.

\u201cRecord private equity activity, a robust M&A market, and the growth of startups with billion-dollar valuations are leading indicators of future turbulence,\u201d Innosight explained in a report (pdf). \u201cAt the current churn rate, about half of S&P 500 companies will be replaced over the next ten years.\u201d

\"Image
Image: Innosight

How does a company qualify for the S&P 500?

The simplest criterion for joining the S&P 500 is being big. As of August, a company must have an unadjusted market cap of at least $8.2 billion (a number that fluctuates based on the stock market\u2019s booms and busts). Per S&P\u2019s eligibility criteria (pdf), only US-domiciled companies whose common stock trades on the NYSE, Nasdaq, Cboe, or IEX are candidates, and at least of 50% of a company\u2019s shares must be available for trading by the public. There\u2019s also a minimum liquidity requirement, measured by the ratio of the annual value of shares traded versus market cap, and companies with multiple share classes are excluded (mostly\u2014more on this below).

Furthermore, S&P requires that a company aiming for inclusion reports positive earnings for its most recent quarter, in addition to an aggregate profit over the previous four quarters. Newly listed companies need to trade for a year before being considered for a spot in the index.

\u201cTurnover in index membership should be avoided when possible,\u201d says S&P. Once a company is in the index, it might not always meet the criteria that got it there. \u201cAs a result, an index constituent that appears to violate criteria for addition to that index is not deleted unless ongoing conditions warrant an index change,\u201d notes the index methodology.

The committees that oversee the rebalancing of S&P\u2019s indexes \u201creserve the right to make exceptions when applying the methodology if the need arises,\u201d the company says.

The index committee

Murphy, the managing director and global head of the index governance group, is supported by nine index committee members who are full-time employees of S&P Global. They meet once a month to discuss the potential revisions to the S&P 500 and other indexes. Unlike Murphy, and Blitzer before him, other committee members\u2019 identities are kept secret (paywall).

Votes by the index committee are decided by a simple majority, S&P told Quartz, and each committee member\u2019s vote counts equally\u2014even the director\u2019s. In the event of a tie, discussion continues until a resolution has been reached.

\u201cThe Index Committee structure is intended to foster a collaborative decision-making process,\u201d explained S&P. \u201cAll index committee members are encouraged to participate and voice their opinions and positions on all relevant matters. One role of any chairperson is to ensure everyone has their opportunity to opine on all decisions.\u201d

When I asked S&P why Murphy\u2019s title is different from Blitzer\u2019s (chairman), a company spokesperson said the organizational structure had not changed. However, since there are multiple index committees, it now makes \u201cless sense\u201d to say chair of the\u00a0index committee.

The effects of membership

How many stocks are in the S&P 500? This isn\u2019t such a straightforward question: the index currently has 505 stocks in it. That\u2019s because companies increasingly have multiple share classes\u2014a growing trend\u00a0among tech companies\u2014and a few were grandfathered into the index by S&P when it changed the rules on this corporate governance quirk in 2017. That\u2019s why Facebook and Berkshire Hathaway are in the index, and five companies (Alphabet, Discovery Inc., Fox, News Corp., and Under Armour) appear in the index twice, with different share classes.

When the committee announces the addition of a new company to the S&P 500, that stock frequently rises\u2014at least temporarily\u2014as the funds tracking the index add the company to their portfolios. For instance, Facebook shares rose 4% after S&P announced the company\u2019s addition in 2013 (paywall). Similarly, Twitter shares jumped after its addition last June (paywall).

Older studies, published in the 1990s, suggested the price boost from getting into the S&P 500 was persistent and measurable (pdf), sometimes as large as 5-7%. However, more recent research indicates\u00a0the listing bump is short-lived. In 2011, researchers from the New York Fed (pdf) found that, all things equal, a stock\u2019s inclusion in the S&P 500 did not result in a permanent increase in market value. Prior studies, the researchers said, did not control for companies\u2019 strong performance prior to their index listings (as traders bet on likely candidates for inclusion, hoping for a bump when they ultimately make it).

Regardless of whether the index boost is fleeting or not, the selection process is an extremely sensitive matter. Blitzer described S&P\u2019s safeguards in a 2013 interview with Forbes:

Let\u2019s start with a simple fact: trading on inside information is illegal. If you do it, you will get caught, and when you get caught, you\u2019ll go to jail. We remind ourselves of that fairly often.

We also have some procedures and controls in place. Until about 4:30 PM on December 11, the only people who knew about the Facebook announcement were the members of the Index Committee. They draft the announcement and proofread it. All the emails and documents used by the Index Committee are encrypted. The section [of] our NY office where our index managers and committee members work is separate from the rest of the office and only people sitting in that section can get in \u2013 the doors are locked.\u00a0 Around 5 PM the announcement is sent to our web-posting team with instructions to publish it at 5:15 PM and send it to various news services at the same time.

What makes S&P different

FTSE Russell\u2019s benchmark indexes are constructed in a more automatic way than the S&P 500. Although eligibility requirements are similar to S&P\u2019s, each May is called \u201cranking month.\u201d That\u2019s when FTSE Russell arranges index members by market cap and assigns them to different groups based on size\u2014the Russell 1000 for the largest stocks, the Russell 2000 for smaller shares. \u201cAs Russell\u2019s method of selection is particularly transparent (unlike for the Dow or the MSCI indices where more judgment is involved), investors can trade ahead of the changes\u2014meaning that on average, stocks that move index trade 45 times their normal volume on the day of reconstitution,\u201d noted the Financial Times (paywall).

MSCI follows a quarterly rebalancing timetable and runs a similar committee arrangement to S&P. Or, as MSCI puts it, \u201can innovative maintenance methodology that provides superior balance between the need for a stable index that is flexible enough to adjust quickly to a constantly changing opportunity set.\u201d MSCI recently came under fire for alleged foreign political influence (paywall), stemming from its decision to include Chinese domestic stocks in its widely followed emerging markets index. The index company\u2019s annual market classifications\u2014whether a country\u2019s stocks are considered \u201cstandalone,\u201d \u201cfrontier,\u201d \u201cemerging,\u201d or \u201cdeveloped\u201d\u2014are closely watched among investors.

David Blitzer\u2019s legacy

Blitzer\u2019s steady, long-running oversight over key market indexes have been punctuated by a few critical, and sometimes controversial, choices. Over the past two decades, he helped reshape the S&P 500 to reflect the digital emphasis of corporate America, made tough calls about exceptions to the rules during the 2008 financial crisis, and in his twilight years, assumed responsibility for the 123-year-old Dow Jones Industrial Average, which is constructed in archaic ways.

Since the index committee\u2019s discussions take place\u00a0behind closed doors, it\u2019s difficult to gauge how much influence Blitzer exerted over the process during his tenure. \u201cIf the only requirements for maintaining an index were getting the numbers right each day, a fixed rule book would suffice,\u201d Blitzer wrote in 2014. \u201cBut when the market doesn\u2019t play by the rules, a rigid rule book won\u2019t work.\u201d Key occasions when the committee exercised its judgment on the composition of indexes reveal how influential the committee run by Blitzer\u2014and now Murphy\u2014has been.

AOL

On New Year\u2019s Eve 1998, American Online was added to the S&P 500 after market close, unofficially marking the start of the dotcom bubble. In a recent CNBC appearance, Blitzer recalled the index committee being told it \u201cblessed the internet\u201d by adding AOL to the index.

A 1998 CNN article captured the moment: \u201cThe addition of AOL to the S&P 500 may be an attempt to update the image of the venerable index by adding a red-hot Internet stock and giving it more of a technology slant.\u201d While AOL has long since disappeared from the index, Blitzer\u2019s willingness to include an internet company in the S&P 500 arguably opened the investment floodgates for web-based business.

AIG

One of the committee\u2019s more dramatic decisions was its choice not to remove AIG from the S&P 500 when the US Treasury Department bailed out the troubled financial firm during the financial crisis. Blitzer explained the committee\u2019s thinking in a 2014 blog post:

Shortly after Lehman filed for bankruptcy [on September 15, 2008], the news broke that the US Treasury was bailing out AIG, one of the world\u2019s largest insurance companies. Suddenly the Treasury owned over 90% of the company. The S&P 500 guidelines require that any company in the index have a public float of at least 50%. Under the rules, the index would have removed AIG. In those scary moments, dropping AIG would have sent the markets tumbling yet again. Given market conditions and investor fears, the Index Committee quietly set the 50% float rule aside. No trading was required. Fast forward a few years, the Treasury sold its shares back to the company and the 50% float rule was okay.

General Electric

Perhaps the most memorable decision of Blitzer\u2019s tenure, though, is one of the committee\u2019s more recent ones\u2014the deletion of General Electric from the Dow. GE was the index\u2019s last remaining original member.

\u201cAs economies change, some companies become old. You no longer want the buggy whip factory in the S&P 500 and GE is now seen as a declining conglomerate,\u201d explains John Coffee, director of the Center on Corporate Governance at Columbia Law School. \u201cSo it goes and you want to bring in the new people like the Amazons of this world, and that\u2019s been going along at a gradual pace.\u201d

The removal of GE from the Dow also stands out because it was replaced by Walgreens, a retailer, rather than another industrial group. \u201cIf you have to delist something because it\u2019s no longer representative\u2026 you\u2019re not going to replace it with the nearest identical company,\u201d says Coffee. \u201cYou\u2019re going to look to see which sector is underrepresented in terms of its share of overall US market capitalization.\u201d

Indeed, as American business has changed, the S&P and Dow have changed along with it. While Blitzer dealt with plenty of disruption during his time, Murphy may face even thornier challenges as his successor. For example, the money-losing business models and convoluted corporate governance of recently listed and soon-to-IPO tech giants will present difficult decisions on index eligibility. It\u2019s not that much of an exaggeration to say that our financial future depends on what the committee decides.

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S&P 500 ETF Components

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This list shows the holdings of the SPDR S&P 500 ETF Trust (SPY).

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\n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n 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\n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n\n \n \n \n \n \n \n \n\n\n \n
#CompanySymbolPortfolio%      PriceChg% Chg
1Microsoft CorpMSFT6.98%\"\"   414.78-0.50(-0.12%)
2Apple Inc.AAPL5.86%\"\"   170.99-2.24(-1.29%)
3Nvidia CorpNVDA4.92%\"\"   892.77-26.36(-2.87%)
4Amazon.com IncAMZN3.63%\"\"   176.981.59(0.90%)
5Meta Platforms, Inc. Class AMETA2.49%\"\"   495.89-3.86(-0.77%)
6Alphabet Inc. Class AGOOGL1.89%\"\"   140.642.14(1.54%)
7Berkshire Hathaway Class BBRK.B1.71%\"\"   406.061.08(0.27%)
8Alphabet Inc. Class CGOOG1.61%\"\"   141.581.96(1.40%)
9Eli Lilly & Co.LLY1.36%\"\"   757.552.59(0.34%)
10Broadcom Inc.AVGO1.32%\"\"   1,259.93-31.95(-2.47%)
11Jpmorgan Chase & Co.JPM1.26%\"\"   191.351.51(0.79%)
12Tesla, Inc.TSLA1.14%\"\"   172.22-5.32(-3.00%)
13Unitedhealth Group IncorporatedUNH1.05%\"\"   493.944.59(0.94%)
14Visa Inc.V1.04%\"\"   285.281.36(0.48%)
15Exxon Mobil CorporationXOM1.01%\"\"   109.811.49(1.38%)
16Mastercard IncorporatedMA0.90%\"\"   474.791.92(0.41%)
17Johnson & JohnsonJNJ0.90%\"\"   162.25-0.49(-0.30%)
18Procter & Gamble CompanyPG0.88%\"\"   162.200.27(0.17%)
19Home Depot, Inc.HD0.86%\"\"   381.787.24(1.93%)
20Advanced Micro DevicesAMD0.74%\"\"   194.94-7.82(-3.86%)
21Abbvie Inc.ABBV0.74%\"\"   180.960.04(0.02%)
22Costco Wholesale CorpCOST0.73%\"\"   731.33-5.55(-0.75%)
23Merck & Co., Inc.MRK0.72%\"\"   121.87-0.79(-0.64%)
24Salesforce, Inc.CRM0.69%\"\"   306.48-0.14(-0.05%)
25Chevron CorporationCVX0.62%\"\"   154.292.40(1.58%)
26Netflix IncNFLX0.61%\"\"   609.53-1.56(-0.25%)
27Walmart Inc.WMT0.60%\"\"   61.11-0.30(-0.50%)
28Adobe Inc.ADBE0.59%\"\"   580.331.19(0.20%)
29Bank of America CorporationBAC0.57%\"\"   36.350.38(1.07%)
30Coca-Cola CompanyKO0.54%\"\"   61.090.59(0.97%)
31Accenture PlcACN0.54%\"\"   379.29-1.19(-0.31%)
32Thermo Fisher Scientific, Inc.TMO0.54%\"\"   593.93-3.32(-0.56%)
33Linde PlcLIN0.53%\"\"   476.625.15(1.09%)
34Pepsico, Inc.PEP0.53%\"\"   165.510.97(0.59%)
35Mcdonald's CorporationMCD0.50%\"\"   284.08-10.23(-3.48%)
36Abbott LaboratoriesABT0.48%\"\"   120.64-0.13(-0.10%)
37Wells Fargo & Co.WFC0.48%\"\"   58.140.52(0.91%)
38The Walt Disney CompanyDIS0.48%\"\"   112.950.49(0.44%)
39Cisco Systems, Inc.CSCO0.47%\"\"   50.05-0.02(-0.05%)
40Qualcomm IncQCOM0.44%\"\"   169.24-3.84(-2.22%)
41Intel CorpINTC0.44%\"\"   43.79-1.45(-3.21%)
42Intuit IncINTU0.42%\"\"   656.93-5.71(-0.86%)
43Oracle CorpORCL0.42%\"\"   125.54-2.00(-1.56%)
44General Electric CompanyGE0.42%\"\"   169.792.32(1.39%)
45International Business Machines CorporationIBM0.41%\"\"   196.31-1.47(-0.74%)
46Comcast CorpCMCSA0.41%\"\"   43.500.31(0.72%)
47Caterpillar Inc.CAT0.40%\"\"   342.625.38(1.60%)
48Verizon CommunicationsVZ0.39%\"\"   40.310.17(0.44%)
49Applied Materials IncAMAT0.39%\"\"   200.67-4.27(-2.08%)
50Danaher CorporationDHR0.39%\"\"   254.631.53(0.61%)
51Pfizer Inc.PFE0.37%\"\"   28.630.61(2.20%)
52Uber Technologies, Inc.UBER0.37%\"\"   78.980.66(0.84%)
53Texas Instruments IncorporatedTXN0.37%\"\"   171.73-3.07(-1.76%)
54Servicenow, Inc.NOW0.36%\"\"   787.11-2.45(-0.31%)
55Union Pacific Corp.UNP0.35%\"\"   249.12-2.06(-0.82%)
56Amgen IncAMGN0.34%\"\"   276.710.17(0.06%)
57Philip Morris International Inc.PM0.34%\"\"   95.731.06(1.12%)
58Lowe's Companies Inc.LOW0.32%\"\"   247.434.17(1.72%)
59S&p Global Inc.SPGI0.32%\"\"   429.290.68(0.16%)
60ConocophillipsCOP0.32%\"\"   117.782.76(2.40%)
61Intuitive Surgical Inc.ISRG0.31%\"\"   385.79-3.61(-0.93%)
62Honeywell International, Inc.HON0.31%\"\"   200.191.06(0.53%)
63Rtx CorporationRTX0.31%\"\"   90.340.39(0.43%)
64American Express CompanyAXP0.29%\"\"   222.920.27(0.12%)
65Goldman Sachs Group Inc.GS0.29%\"\"   394.686.50(1.68%)
66Prologis, Inc.PLD0.29%\"\"   134.50-0.07(-0.06%)
67At&t Inc.T0.29%\"\"   17.270.07(0.38%)
68Nike, Inc.NKE0.29%\"\"   101.651.47(1.46%)
69Lam Research CorpLRCX0.28%\"\"   926.52-24.32(-2.56%)
70Booking Holdings Inc.BKNG0.28%\"\"   3,500.820.82(0.02%)
71Stryker CorporationSYK0.28%\"\"   357.89-0.50(-0.14%)
72Elevance Health, Inc.ELV0.28%\"\"   509.213.64(0.72%)
73Nextra Energy, Inc.NEE0.28%\"\"   59.832.68(4.68%)
74Eaton Corporation, PlcsETN0.27%\"\"   298.070.32(0.11%)
75Blackrock, Inc.BLK0.27%\"\"   828.86-0.73(-0.09%)
76Progressive CorporationPGR0.27%\"\"   198.22-0.72(-0.36%)
77Medtronic PlcMDT0.26%\"\"   85.51-0.23(-0.27%)
78United Parcel Service, Inc. Class BUPS0.26%\"\"   157.630.25(0.16%)
79Bristol-Myers Squibb Co.BMY0.26%\"\"   54.30-0.10(-0.19%)
80Tjx Companies, Inc.TJX0.26%\"\"   97.770.55(0.56%)
81Morgan StanleyMS0.26%\"\"   89.922.87(3.30%)
82Citigroup Inc.C0.26%\"\"   58.260.80(1.40%)
83Boeing CompanyBA0.25%\"\"   183.65-0.59(-0.32%)
84Vertex Pharmaceuticals IncVRTX0.25%\"\"   413.891.44(0.35%)
85Starbucks CorpSBUX0.24%\"\"   91.75-0.65(-0.71%)
86Chubb LimitedCB0.24%\"\"   259.341.59(0.62%)
87Micron Technology, Inc.MU0.24%\"\"   93.76-3.66(-3.75%)
88Regeneron Pharmaceuticals IncREGN0.24%\"\"   969.58-0.99(-0.10%)
89Marsh & Mclennan Companies, Inc.MMC0.24%\"\"   206.90-0.45(-0.22%)
90Deere & CompanyDE0.23%\"\"   378.645.99(1.61%)
91Automatic Data ProcessingADP0.23%\"\"   243.81-0.86(-0.35%)
92The Cigna GroupCI0.23%\"\"   347.073.13(0.91%)
93The Charles Schwab CorporationSCHW0.23%\"\"   67.300.80(1.21%)
94Analog Devices, Inc.ADI0.23%\"\"   198.02-1.18(-0.59%)
95Mondelez International, Inc. Class AMDLZ0.23%\"\"   71.830.09(0.12%)
96Cvs Health CorporationCVS0.23%\"\"   75.590.38(0.51%)
97Boston Scientific Corp.BSX0.22%\"\"   66.67-0.82(-1.22%)
98American Tower CorporationAMT0.22%\"\"   203.54-0.64(-0.31%)
99Lockheed Martin Corp.LMT0.22%\"\"   435.550.64(0.15%)
100Gilead Sciences IncGILD0.22%\"\"   75.480.40(0.53%)
101Kla CorporationKLAC0.22%\"\"   686.64-11.76(-1.68%)
102Fiserv, Inc.FI0.21%\"\"   151.310.66(0.44%)
103Blackstone Inc.BX0.21%\"\"   124.630.95(0.77%)
104Palo Alto Networks, Inc.PANW0.20%\"\"   287.312.58(0.91%)
105Synopsys IncSNPS0.20%\"\"   557.95-18.77(-3.25%)
106Zoetis Inc.ZTS0.20%\"\"   178.70-2.66(-1.46%)
107T-Mobile Us, Inc.TMUS0.19%\"\"   164.110.42(0.26%)
108Equinix, Inc. ReitEQIX0.19%\"\"   878.38-14.43(-1.62%)
109Cadence Design SystemsCDNS0.19%\"\"   305.07-6.21(-1.99%)
110The Sherwin-Williams CompanySHW0.19%\"\"   338.48-4.22(-1.23%)
111Intercontinental Exchange Inc.ICE0.18%\"\"   136.92-0.07(-0.05%)
112Cme Group Inc.CME0.18%\"\"   217.990.24(0.11%)
113Target CorporationTGT0.18%\"\"   164.66-2.91(-1.74%)
114Waste Management, Inc.WM0.18%\"\"   210.070.28(0.13%)
115The Southern CompanySO0.18%\"\"   70.050.70(1.00%)
116Altria Group, Inc.MO0.18%\"\"   43.290.23(0.55%)
117Csx CorporationCSX0.17%\"\"   37.65-0.17(-0.46%)
118Duke Energy CorporationDUK0.17%\"\"   95.620.61(0.64%)
119Schlumberger LimitedSLB0.17%\"\"   52.380.81(1.57%)
120Chipotle Mexican Grill, Inc.CMG0.17%\"\"   2,721.281.45(0.05%)
121Colgate-Palmolive CompanyCL0.17%\"\"   88.860.10(0.12%)
122Illinois Tool Works Inc.ITW0.17%\"\"   262.75-0.13(-0.05%)
123Airbnb, Inc. Class AABNB0.16%\"\"   167.290.62(0.37%)
124Eog Resources, Inc.EOG0.16%\"\"   122.631.78(1.48%)
125Mckesson CorporationMCK0.16%\"\"   527.45-3.79(-0.71%)
126Becton, Dickinson and Co.BDX0.16%\"\"   240.072.25(0.95%)
127Marathon Petroleum CorporationMPC0.16%\"\"   186.895.69(3.14%)
128Parker-Hannifin CorporationPH0.16%\"\"   539.461.18(0.22%)
129Arista NetworksANET0.16%\"\"   278.94-2.93(-1.04%)
130U.S. BancorpUSB0.16%\"\"   43.660.45(1.03%)
131Phillips 66PSX0.15%\"\"   152.802.43(1.61%)
132Amphenol CorporationAPH0.15%\"\"   110.15-0.45(-0.41%)
133Nxp Semiconductors N.v.NXPI0.15%\"\"   250.89-6.57(-2.55%)
134Northrop Grumman Corp.NOC0.15%\"\"   460.571.73(0.38%)
135Paypal Holdings, Inc.PYPL0.15%\"\"   62.392.36(3.93%)
136Trane Technologies PlcTT0.15%\"\"   287.32-0.39(-0.14%)
137O'reilly Automotive, Inc.ORLY0.15%\"\"   1,095.821.22(0.11%)
138Transdigm Group IncorporatedTDG0.15%\"\"   1,183.03-0.10(-0.01%)
139Aon Plc Class AAON0.15%\"\"   318.81-1.78(-0.56%)
140Hca Healthcare, Inc.HCA0.15%\"\"   323.28-0.27(-0.08%)
141Emerson Electric Co.EMR0.15%\"\"   110.720.12(0.10%)
142General Dynamics CorporationGD0.14%\"\"   275.440.79(0.29%)
143Marriot International Class AMAR0.14%\"\"   250.750.06(0.02%)
144Pnc Financial Services GroupPNC0.14%\"\"   152.891.91(1.26%)
145Moody's CorporationMCO0.14%\"\"   389.280.35(0.09%)
146Paccar IncPCAR0.14%\"\"   115.360.58(0.51%)
147Roper Technologies, Inc.ROP0.14%\"\"   548.47-6.73(-1.21%)
148Fedex CorporationFDX0.14%\"\"   255.951.73(0.68%)
149Norfolk Southern Corp.NSC0.14%\"\"   262.051.25(0.48%)
150Freeport-Mcmoran Inc.FCX0.13%\"\"   42.962.60(6.43%)
151Pioneer Natural Resource Co.PXD0.13%\"\"   246.553.16(1.30%)
152Ecolab, Inc.ECL0.13%\"\"   225.451.88(0.84%)
153Motorola Solutions, Inc.MSI0.13%\"\"   342.562.14(0.63%)
154Autodesk IncADSK0.13%\"\"   262.11-0.67(-0.26%)
155Air Products & Chemicals, Inc.APD0.13%\"\"   248.553.68(1.50%)
156Edwards Lifesciences CorpEW0.13%\"\"   92.211.30(1.43%)
157Arthur J. Gallagher & Co.AJG0.13%\"\"   253.57-1.25(-0.49%)
158General Motors CompanyGM0.13%\"\"   40.371.16(2.95%)
159Cintas CorpCTAS0.13%\"\"   619.72-6.98(-1.11%)
160Autozone, Inc.AZO0.13%\"\"   3,074.6115.10(0.49%)
161Constellation Energy CorporationCEG0.12%\"\"   167.86-0.52(-0.31%)
162Capital One FinancialCOF0.12%\"\"   140.590.31(0.22%)
163Lululemon Athletica Inc.LULU0.12%\"\"   469.524.24(0.91%)
164American International Group, Inc.AIG0.12%\"\"   75.970.08(0.11%)
165Hilton Worldwide Holdings Inc.HLT0.12%\"\"   207.840.81(0.39%)
1663m CompanyMMM0.12%\"\"   102.503.78(3.83%)
167Dexcom, Inc.DXCM0.12%\"\"   134.45-0.93(-0.69%)
168Welltower Inc.WELL0.12%\"\"   92.920.06(0.07%)
169Valero Energy CorporationVLO0.12%\"\"   158.397.66(5.08%)
170The Travelers Companies, Inc.TRV0.12%\"\"   221.771.31(0.60%)
171Truist Financial CorporationTFC0.11%\"\"   36.87-0.06(-0.18%)
172Ross Stores IncROST0.11%\"\"   147.330.83(0.57%)
173Microchip Technology IncMCHP0.11%\"\"   90.11-1.86(-2.02%)
174Simon Property Group, Inc.SPG0.11%\"\"   152.211.61(1.07%)
175Crown Castle Inc.CCI0.11%\"\"   111.180.21(0.19%)
176Carrier Global CorporationCARR0.11%\"\"   58.410.51(0.88%)
177Ford Motor CompanyF0.11%\"\"   12.430.32(2.60%)
178Copart IncCPRT0.11%\"\"   55.730.54(0.98%)
179Iqvia Holdings Inc.IQV0.11%\"\"   258.57-0.53(-0.20%)
180D.R. Horton Inc.DHI0.11%\"\"   156.211.59(1.03%)
181Public StoragePSA0.11%\"\"   289.45-1.12(-0.38%)
182SempraSRE0.11%\"\"   71.440.48(0.68%)
183Idexx Laboratories IncIDXX0.11%\"\"   545.29-1.55(-0.28%)
184Fortinet, Inc.FTNT0.11%\"\"   70.70-0.65(-0.90%)
185Nucor CorporationNUE0.11%\"\"   184.651.76(0.96%)
186Oneok, Inc.OKE0.10%\"\"   77.59-0.07(-0.08%)
187United Rentals, Inc.URI0.10%\"\"   676.531.04(0.15%)
188Msci, Inc.MSCI0.10%\"\"   558.14-7.66(-1.35%)
189Williams Companies Inc.WMB0.10%\"\"   36.980.25(0.67%)
190Metlife, Inc.MET0.10%\"\"   72.811.12(1.57%)
191Aflac Inc.AFL0.10%\"\"   83.910.97(1.17%)
192Realty Income CorporationO0.10%\"\"   52.78-0.11(-0.20%)
193Digital Realty Trust, Inc.DLR0.10%\"\"   146.790.56(0.38%)
194American Electric Power Company, Inc.AEP0.10%\"\"   83.18-0.21(-0.25%)
195Te Connectivity LtdTEL0.10%\"\"   141.260.72(0.51%)
196Monster Beverage CorporationMNST0.10%\"\"   60.510.69(1.15%)
197Agilent Technologies Inc.A0.10%\"\"   148.550.71(0.48%)
198Kimberly-Clark Corp.KMB0.10%\"\"   127.080.37(0.29%)
199Bank of New York Mellon CorporationBK0.10%\"\"   55.490.37(0.67%)
200Humana Inc.HUM0.10%\"\"   348.032.88(0.83%)
201W.W. Grainger, Inc.GWW0.10%\"\"   966.65-5.78(-0.59%)
202Fastenal CoFAST0.10%\"\"   75.01-0.25(-0.33%)
203Constellation Brands, Inc.STZ0.10%\"\"   263.321.46(0.56%)
204The Allstate CorporationALL0.10%\"\"   158.95-0.65(-0.41%)
205Ametek, Inc.AME0.10%\"\"   181.55-0.28(-0.15%)
206Centene CorporationCNC0.10%\"\"   77.140.39(0.51%)
207Johnson Controls International PlcJCI0.10%\"\"   62.030.04(0.06%)
208Ameriprise Financial, Inc.AMP0.10%\"\"   415.242.25(0.54%)
209Fidelity National Information Services, Inc.FIS0.10%\"\"   69.32-0.23(-0.34%)
210Lennar Corporation Class ALEN0.10%\"\"   166.550.58(0.35%)
211Newmont CorporationNEM0.09%\"\"   34.490.60(1.79%)
212L3harris Technologies, Inc.LHX0.09%\"\"   214.731.13(0.53%)
213Hess CorporationHES0.09%\"\"   149.332.70(1.84%)
214Occidental Petroleum CorporationOXY0.09%\"\"   62.030.89(1.45%)
215Sysco CorporationSYY0.09%\"\"   80.660.53(0.66%)
216Dow Inc.DOW0.09%\"\"   58.580.90(1.55%)
217Prudential Financial, Inc.PRU0.09%\"\"   113.001.26(1.13%)
218Dominion Energy, IncD0.09%\"\"   47.800.82(1.73%)
219Cencora, Inc.COR0.09%\"\"   235.53-1.91(-0.81%)
220Otis Worldwide CorporationOTIS0.09%\"\"   97.680.23(0.23%)
221Yum! Brands, Inc.YUM0.09%\"\"   138.63-2.12(-1.50%)
222Paychex IncPAYX0.09%\"\"   122.980.33(0.27%)
223Corteva, Inc.CTVA0.09%\"\"   55.590.48(0.87%)
224Old Dominion Freight LineODFL0.09%\"\"   439.26-1.77(-0.40%)
225Cognizant Technology SolutionsCTSH0.09%\"\"   77.00-0.09(-0.12%)
226Cummins Inc.CMI0.09%\"\"   270.720.95(0.35%)
227General Mills, Inc.GIS0.09%\"\"   66.030.31(0.47%)
228Republic Services Inc.RSG0.09%\"\"   185.34-0.10(-0.05%)
229Moderna, Inc.MRNA0.09%\"\"   109.69-0.74(-0.67%)
230Exelon CorporationEXC0.09%\"\"   37.080.07(0.18%)
231Martin Marietta MaterialsMLM0.09%\"\"   604.781.62(0.27%)
232Ge Healthcare Technologies Inc.GEHC0.08%\"\"   89.05-2.77(-3.02%)
233Ingersoll Rand Inc.IR0.08%\"\"   90.65-0.21(-0.23%)
234Gartner, Inc.IT0.08%\"\"   474.06-2.10(-0.44%)
235The Kroger Co.KR0.08%\"\"   55.870.56(1.01%)
236The Estee Lauder Companies Inc. Class AEL0.08%\"\"   157.135.05(3.32%)
237Costar Group IncCSGP0.08%\"\"   88.231.09(1.26%)
238Vulcan Materials CompanyVMC0.08%\"\"   269.760.18(0.07%)
239On Semiconductor CorpON0.08%\"\"   80.28-2.31(-2.80%)
240Dollar General Corp.DG0.08%\"\"   155.74-5.48(-3.40%)
241Quanta Services, Inc.PWR0.08%\"\"   242.180.41(0.17%)
242Kenvue Inc.KVUE0.08%\"\"   20.300.16(0.77%)
243Kinder Morgan, Inc.KMI0.08%\"\"   17.90-0.05(-0.25%)
244Pg&e CorporationPCG0.08%\"\"   16.490.16(1.01%)
245Verisk Analytics, Inc.VRSK0.08%\"\"   236.13-1.95(-0.82%)
246Monolithic Power Systems, Inc.MPWR0.08%\"\"   713.98-22.57(-3.06%)
247Global Payments, Inc.GPN0.08%\"\"   134.571.46(1.10%)
248Arch Capital Group LtdACGL0.08%\"\"   91.000.08(0.09%)
249Ppg Industries, Inc.PPG0.08%\"\"   142.911.60(1.13%)
250Electronic Arts IncEA0.08%\"\"   137.031.01(0.74%)
251Biogen Inc.BIIB0.08%\"\"   226.83-0.54(-0.24%)
252Cdw CorporationCDW0.08%\"\"   248.15-1.72(-0.69%)
253Diamondback Energy, Inc.FANG0.08%\"\"   186.501.98(1.07%)
254Halliburton CompanyHAL0.08%\"\"   37.120.37(1.02%)
255Rockwell Automation, Inc.ROK0.08%\"\"   287.623.74(1.32%)
256Public Service Enterprise Group IncorporatedPEG0.08%\"\"   64.160.15(0.24%)
257Equifax, IncorporatedEFX0.08%\"\"   266.59-1.60(-0.60%)
258Fair Isaac CorporationFICO0.07%\"\"   1,289.01-39.58(-2.98%)
259Extra Space Storage, Inc.EXR0.07%\"\"   149.66-0.94(-0.63%)
260Baker Hughes CompanyBKR0.07%\"\"   31.510.02(0.05%)
261Consolidated Edison, Inc.ED0.07%\"\"   89.80-0.13(-0.15%)
262Dollar Tree Inc.DLTR0.07%\"\"   127.75-21.94(-14.66%)
263Dupont De Nemours, Inc.DD0.07%\"\"   73.501.46(2.02%)
264Vici Properties Inc.VICI0.07%\"\"   29.640.09(0.29%)
265Discover Financial ServicesDFS0.07%\"\"   125.310.56(0.45%)
266Xylem IncXYL0.07%\"\"   128.41-0.05(-0.04%)
267Royal Caribbean GroupRCL0.07%\"\"   132.572.82(2.18%)
268Charter Comm Inc Del Cl aCHTR0.07%\"\"   297.983.28(1.11%)
269Devon Energy CorporationDVN0.07%\"\"   47.500.91(1.96%)
270The Hershey CompanyHSY0.07%\"\"   198.291.81(0.92%)
271Fortive CorporationFTV0.07%\"\"   85.36-0.84(-0.98%)
272Keurig Dr Pepper Inc.KDP0.07%\"\"   29.15-0.14(-0.50%)
273The Hartford Financial Services Group, Inc.HIG0.07%\"\"   98.940.00(0.00%)
274Archer Daniels Midland CompanyADM0.07%\"\"   58.611.54(2.70%)
275Xcel Energy, Inc.XEL0.07%\"\"   51.930.02(0.05%)
276Ansys IncANSS0.07%\"\"   332.36-5.37(-1.59%)
277Cbre Group, Inc.CBRE0.07%\"\"   93.940.20(0.21%)
278Cardinal Health, Inc.CAH0.07%\"\"   113.31-2.31(-1.99%)
279Mettler-Toledo InternationalMTD0.07%\"\"   1,299.6511.34(0.88%)
280Willis Towers Watson Public Limited CompanysWTW0.07%\"\"   273.33-1.66(-0.60%)
281Resmed Inc.RMD0.06%\"\"   193.36-0.43(-0.22%)
282The Kraft Heinz CompanyKHC0.06%\"\"   34.39-0.21(-0.60%)
283Delta Air Lines, Inc.DAL0.06%\"\"   44.101.34(3.12%)
284Keysight Technologies, Inc.KEYS0.06%\"\"   151.37-0.71(-0.47%)
285Ulta Beauty, Inc.ULTA0.06%\"\"   568.4412.87(2.32%)
286Tractor Supply CoTSCO0.06%\"\"   254.464.78(1.91%)
287Zimmer Biomet Holdings, Inc.ZBH0.06%\"\"   127.58-0.63(-0.49%)
288Ebay IncEBAY0.06%\"\"   52.221.31(2.57%)
289Edison InternationalEIX0.06%\"\"   69.640.18(0.25%)
290Hp Inc.HPQ0.06%\"\"   30.650.15(0.50%)
291West Pharmaceutical Services, Inc.WST0.06%\"\"   380.202.21(0.58%)
292T Rowe Price Group IncTROW0.06%\"\"   118.190.34(0.29%)
293Wec Energy Group, Inc.WEC0.06%\"\"   81.190.18(0.22%)
294Avalonbay Communities, Inc.AVB0.06%\"\"   186.482.65(1.44%)
295Weyerhaeuser CompanyWY0.06%\"\"   34.570.10(0.28%)
296Lyondellbasell Industries N.v. Class ALYB0.06%\"\"   102.401.87(1.86%)
297Howmet Aerospace Inc.HWM0.06%\"\"   65.42-0.65(-0.99%)
298Church & Dwight Co., Inc.CHD0.06%\"\"   104.940.44(0.42%)
299Wabtec Inc.WAB0.06%\"\"   142.75-0.33(-0.23%)
300Corning IncorporatedGLW0.06%\"\"   32.83-0.06(-0.20%)
301Fifth Third BancorpFITB0.06%\"\"   36.49-0.20(-0.53%)
302Nvr, Inc.NVR0.06%\"\"   7,805.0482.04(1.06%)
303Sba Communications CorpSBAC0.06%\"\"   220.520.15(0.07%)
304Dover CorporationDOV0.06%\"\"   176.611.34(0.76%)
305Pultegroup, Inc.PHM0.06%\"\"   113.821.66(1.48%)
306Broadridge Financial Solutions IncBR0.06%\"\"   203.36-0.65(-0.32%)
307Builders Firstsource, Inc.BLDR0.06%\"\"   199.21-0.45(-0.23%)
308M&t Bank Corp.MTB0.06%\"\"   144.791.55(1.08%)
309Iron Mountain Inc.IRM0.05%\"\"   80.44-0.44(-0.54%)
310Molina Healthcare, Inc.MOH0.05%\"\"   406.203.65(0.91%)
311American Water Works Company, IncAWK0.05%\"\"   120.921.73(1.46%)
312Targa Resources Corp.TRGP0.05%\"\"   106.540.99(0.94%)
313Dte Energy CompanyDTE0.05%\"\"   111.430.55(0.50%)
314Hewlett Packard Enterprise CompanyHPE0.05%\"\"   17.73-0.32(-1.80%)
315Steris PlcSTE0.05%\"\"   232.95-0.86(-0.37%)
316Take-Two Interactive Software IncTTWO0.05%\"\"   145.480.95(0.66%)
317State Street CorporationSTT0.05%\"\"   73.531.02(1.41%)
318Garmin LtdGRMN0.05%\"\"   149.100.65(0.44%)
319Raymond James Financial, Inc.RJF0.05%\"\"   120.391.45(1.22%)
320Aptiv PlcAPTV0.05%\"\"   79.961.25(1.59%)
321Ptc, IncPTC0.05%\"\"   186.97-0.92(-0.49%)
322Baxter International Inc.BAX0.05%\"\"   42.940.05(0.12%)
323Align Technology IncALGN0.05%\"\"   319.618.93(2.88%)
324Axon Enterprise, Inc.AXON0.05%\"\"   307.55-3.82(-1.23%)
325Illumina IncILMN0.05%\"\"   132.740.03(0.02%)
326Entergy CorporationETR0.05%\"\"   103.290.52(0.50%)
327Equity ResidentialEQR0.05%\"\"   63.421.09(1.75%)
328Netapp, IncNTAP0.05%\"\"   101.88-0.65(-0.63%)
329Genuine Parts CompanyGPC0.05%\"\"   154.280.27(0.18%)
330Eversource EnergyES0.05%\"\"   59.49-0.32(-0.53%)
331Fleetcor Technologies, Inc.FLT0.05%\"\"   298.533.86(1.31%)
332Waters CorpWAT0.05%\"\"   352.95-0.35(-0.10%)
333Hubbell IncorporatedHUBB0.05%\"\"   396.33-0.60(-0.15%)
334International Flavors & Fragrances Inc.IFF0.05%\"\"   82.621.41(1.74%)
335Ball CorporationBALL0.05%\"\"   65.39-0.11(-0.16%)
336Darden Restaurants, Inc.DRI0.05%\"\"   174.011.69(0.98%)
337Nasdaq, Inc.NDAQ0.05%\"\"   59.45-0.29(-0.48%)
338Invitation Homes Inc.INVH0.05%\"\"   35.370.17(0.47%)
339Warner Bros. Discovery, Inc. Series aWBD0.05%\"\"   8.910.05(0.58%)
340Southwest Airlines Co.LUV0.05%\"\"   28.830.06(0.23%)
341The Cooper Companies, Inc.COO0.05%\"\"   102.180.64(0.63%)
342Brown & Brown, Inc.BRO0.05%\"\"   85.11-0.79(-0.92%)
343Ppl CorporationPPL0.05%\"\"   27.000.07(0.28%)
344Teledyne Technologies IncorporatedTDY0.05%\"\"   423.86-1.01(-0.24%)
345Firstenergy Corp.FE0.05%\"\"   38.120.23(0.60%)
346Coterra Energy Inc.CTRA0.05%\"\"   26.700.18(0.70%)
347Western Digital Corp.WDC0.05%\"\"   62.28-0.69(-1.10%)
348Alexandria Real Estate Equities, Inc.ARE0.05%\"\"   126.510.56(0.44%)
349Steel Dynamics IncSTLD0.05%\"\"   133.372.03(1.54%)
350Veralto CorporationVLTO0.05%\"\"   89.170.74(0.83%)
351Las Vegas Sands Corp.LVS0.05%\"\"   53.640.69(1.30%)
352Cboe Global Markets, Inc.CBOE0.05%\"\"   184.392.69(1.48%)
353Huntington Bancshares IncHBAN0.04%\"\"   13.490.04(0.33%)
354Clorox CompanyCLX0.04%\"\"   156.95-0.08(-0.05%)
355Ameren CorporationAEE0.04%\"\"   72.25-0.07(-0.10%)
356Jabil Inc.JBL0.04%\"\"   146.97-2.63(-1.76%)
357Hologic IncHOLX0.04%\"\"   76.470.83(1.09%)
358Omnicom Group Inc.OMC0.04%\"\"   95.290.44(0.46%)
359Jacobs Solutions Inc.J0.04%\"\"   150.561.38(0.92%)
360Laboratory Corporation of America HoldingsLH0.04%\"\"   216.24-0.62(-0.29%)
361Cincinnati Financial CorpCINF0.04%\"\"   119.340.99(0.84%)
362Expedia Group, Inc.EXPE0.04%\"\"   136.630.01(0.01%)
363Regions Financial Corp.RF0.04%\"\"   19.450.09(0.49%)
364Factset Research SystemsFDS0.04%\"\"   482.922.72(0.57%)
365Centerpoint Energy, Inc.CNP0.04%\"\"   28.260.13(0.44%)
366Textron, Inc.TXT0.04%\"\"   92.080.35(0.38%)
367Idex CorporationIEX0.04%\"\"   240.53-0.23(-0.09%)
368Tyler Technologies, Inc.TYL0.04%\"\"   424.30-3.66(-0.86%)
369Ventas, Inc.VTR0.04%\"\"   43.840.20(0.47%)
370Seagate Technology Holdings PlcsSTX0.04%\"\"   88.64-2.47(-2.72%)
371Cms Energy CorporationCMS0.04%\"\"   59.28-0.15(-0.24%)
372Synchrony FinancialSYF0.04%\"\"   43.420.28(0.66%)
373Enphase Energy, Inc.ENPH0.04%\"\"   119.71-1.29(-1.07%)
374Mccormick & Company, Incorporated Non-Vtg CsMKC0.04%\"\"   69.020.06(0.09%)
375Principal Financial Group, Inc.PFG0.04%\"\"   80.650.84(1.05%)
376Expeditors International of Washington, Inc.EXPD0.04%\"\"   122.120.60(0.49%)
377Epam Systems, Inc.EPAM0.04%\"\"   306.03-2.98(-0.96%)
378Avery Dennison Corp.AVY0.04%\"\"   216.46-0.33(-0.15%)
379Atmos Energy CorporationATO0.04%\"\"   116.00-0.52(-0.44%)
380First Solar, Inc.FSLR0.04%\"\"   159.540.16(0.10%)
381Leidos Holdings, Inc.LDOS0.04%\"\"   128.381.14(0.90%)
382W.R. Berkley CorporationWRB0.04%\"\"   85.49-0.14(-0.16%)
383Skyworks Solutions IncSWKS0.04%\"\"   107.58-1.74(-1.59%)
384Verisign IncVRSN0.04%\"\"   191.74-0.24(-0.13%)
385Northern Trust CorpNTRS0.04%\"\"   82.061.14(1.41%)
386Masco CorporationMAS0.04%\"\"   74.85-0.71(-0.94%)
387Packaging Corp of AmericaPKG0.04%\"\"   186.29-0.43(-0.23%)
388Akamai Technologies IncAKAM0.04%\"\"   110.290.51(0.46%)
389Everest Group, Ltd.EG0.04%\"\"   384.651.08(0.28%)
390Jb Hunt Transport Services IncJBHT0.04%\"\"   201.720.45(0.23%)
391Carnival CorporationCCL0.04%\"\"   16.860.62(3.79%)
392Teradyne, Inc.TER0.04%\"\"   105.50-2.70(-2.50%)
393Cf Industries Holding, Inc.CF0.04%\"\"   85.830.42(0.49%)
394Citizens Financial Group, Inc.CFG0.04%\"\"   34.470.45(1.31%)
395Tyson Foods, Inc.TSN0.04%\"\"   55.640.25(0.45%)
396Celanese CorporationCE0.04%\"\"   158.461.90(1.21%)
397Mid-America Apartment Communities, Inc.MAA0.04%\"\"   133.020.66(0.50%)
398Trimble Inc.TRMB0.04%\"\"   63.36-0.06(-0.09%)
399Essex Property Trust, IncESS0.04%\"\"   242.692.06(0.86%)
400Pool CorporationPOOL0.04%\"\"   405.04-0.04(-0.01%)
401Walgreens Boots Alliance, IncWBA0.04%\"\"   21.21-0.08(-0.35%)
402Domino's Pizza Inc.DPZ0.04%\"\"   450.82-1.76(-0.39%)
403Snap-on IncorporatedSNA0.04%\"\"   293.52-1.49(-0.51%)
404Best Buy Company, Inc.BBY0.03%\"\"   78.431.08(1.40%)
405Host Hotels & Resorts, Inc.HST0.03%\"\"   21.030.07(0.36%)
406Lamb Weston Holdings, Inc.LW0.03%\"\"   102.97-0.13(-0.13%)
407Albemarle CorporationALB0.03%\"\"   125.851.92(1.55%)
408Marathon Oil CorporationMRO0.03%\"\"   25.860.73(2.88%)
409Quest Diagnostics Inc.DGX0.03%\"\"   130.200.45(0.35%)
410Zebra Technologies CorporationZBRA0.03%\"\"   284.20-1.24(-0.43%)
411Viatris Inc.VTRS0.03%\"\"   12.190.13(1.07%)
412KellanovaK0.03%\"\"   53.970.12(0.21%)
413Eqt CorpEQT0.03%\"\"   34.22-0.30(-0.88%)
414Live Nation Entertainment Inc.LYV0.03%\"\"   103.421.52(1.49%)
415Nordson CorpNDSN0.03%\"\"   263.44-0.44(-0.16%)
416Stanley Black & Decker, Inc.SWK0.03%\"\"   91.730.34(0.37%)
417United Airlines Holdings, Inc.UAL0.03%\"\"   42.940.77(1.82%)
418KeycorpKEY0.03%\"\"   14.940.13(0.84%)
419Loews CorporationL0.03%\"\"   76.08-0.13(-0.17%)
420Lkq CorporationLKQ0.03%\"\"   51.950.05(0.09%)
421Amcor PlcsAMCR0.03%\"\"   9.49-0.01(-0.05%)
422Nrg Energy, Inc.NRG0.03%\"\"   63.040.74(1.19%)
423Bunge Global SaBG0.03%\"\"   94.530.86(0.92%)
424Conagra Brands, Inc.CAG0.03%\"\"   28.35-0.10(-0.33%)
425Revvity, Inc.RVTY0.03%\"\"   109.380.56(0.52%)
426Charles River Laboratories International, Inc.CRL0.03%\"\"   261.50-2.62(-0.99%)
427Pentair PlcPNR0.03%\"\"   82.340.40(0.48%)
428Carmax Inc.KMX0.03%\"\"   82.840.83(1.02%)
429Rollins, Inc.ROL0.03%\"\"   46.130.34(0.73%)
430International Paper Co.IP0.03%\"\"   36.430.30(0.84%)
431Henry (Jack) & AssociatesJKHY0.03%\"\"   172.961.14(0.66%)
432Insulet CorporationPODD0.03%\"\"   179.35-2.48(-1.36%)
433The Interpublic Group of Companies, Inc.IPG0.03%\"\"   32.840.29(0.88%)
434Alliant Energy CorporationLNT0.03%\"\"   49.010.24(0.48%)
435The J.M. Smucker CompanySJM0.03%\"\"   123.340.62(0.51%)
436Healthpeak Properties, Inc.DOC0.03%\"\"   17.35-0.04(-0.25%)
437Gen Digital Inc.GEN0.03%\"\"   22.11-0.05(-0.25%)
438Molson Coors Beverage Company Class BTAP0.03%\"\"   66.360.79(1.21%)
439Evergy, Inc.EVRG0.03%\"\"   51.860.59(1.15%)
440Bio-Techne Corp.TECH0.03%\"\"   73.07-1.05(-1.42%)
441Kimco Realty Corp.KIM0.03%\"\"   19.520.16(0.85%)
442Juniper Networks IncJNPR0.03%\"\"   36.77-0.09(-0.23%)
443Westrock CompanyWRK0.03%\"\"   46.950.04(0.08%)
444Mgm Resorts InternationalMGM0.03%\"\"   43.010.21(0.49%)
445Allegion Public Limited CompanyALLE0.03%\"\"   133.950.87(0.65%)
446F5, Inc.FFIV0.03%\"\"   193.12-0.91(-0.47%)
447Udr, Inc.UDR0.03%\"\"   37.640.56(1.50%)
448Huntington Ingalls Industries, Inc.HII0.03%\"\"   290.530.36(0.13%)
449Qorvo, Inc.QRVO0.03%\"\"   116.89-3.28(-2.73%)
450Incyte Genomics IncINCY0.03%\"\"   59.32-0.02(-0.03%)
451Aes CorporationAES0.03%\"\"   16.010.06(0.41%)
452Nisource Inc.NI0.03%\"\"   26.870.04(0.17%)
453Eastman Chemical CompanyEMN0.03%\"\"   92.830.79(0.86%)
454Tapestry, Inc.TPR0.02%\"\"   48.120.89(1.88%)
455Teleflex IncorporatedTFX0.02%\"\"   225.43-1.13(-0.50%)
456Camden Property TrustCPT0.02%\"\"   99.681.49(1.51%)
457Globe Life Inc.GL0.02%\"\"   123.47-0.88(-0.71%)
458A.O. Smith CorporationAOS0.02%\"\"   86.160.23(0.27%)
459Universal Health Services, Inc. Class BUHS0.02%\"\"   173.70-1.02(-0.59%)
460Dayforce, Inc.DAY0.02%\"\"   67.86-0.35(-0.51%)
461The Mosaic CompanyMOS0.02%\"\"   32.130.77(2.46%)
462Bath & Body Works, Inc.BBWI0.02%\"\"   45.990.39(0.87%)
463Catalent, Inc.CTLT0.02%\"\"   56.48-0.02(-0.04%)
464Regency Centers CorporationREG0.02%\"\"   61.030.32(0.53%)
465News Corporation Class ANWSA0.02%\"\"   26.30-0.03(-0.10%)
466Brown-Forman Corporation Class BBF.B0.02%\"\"   54.33-0.00(-0.01%)
467Wynn Resorts LtdWYNN0.02%\"\"   103.140.10(0.09%)
468Hormel Foods CorporationHRL0.02%\"\"   34.270.11(0.31%)
469Henry Schein IncHSIC0.02%\"\"   74.940.52(0.69%)
470Apa CorporationAPA0.02%\"\"   32.481.04(3.29%)
471American Airlines Group Inc.AAL0.02%\"\"   14.140.17(1.25%)
472Assurant, Inc.AIZ0.02%\"\"   181.460.34(0.18%)
473Match Group, IncMTCH0.02%\"\"   33.22-0.32(-0.97%)
474Caesars Entertainment, Inc.CZR0.02%\"\"   42.12-0.12(-0.28%)
475Paycom Software, Inc.PAYC0.02%\"\"   189.312.47(1.32%)
476Boston Properties, Inc.BXP0.02%\"\"   64.320.72(1.14%)
477C.H. Robinson Worldwide, Inc.CHRW0.02%\"\"   76.400.72(0.95%)
478Etsy, Inc.ETSY0.02%\"\"   70.54-0.88(-1.23%)
479Campbell Soup CompanyCPB0.02%\"\"   42.78-0.23(-0.54%)
480Robert Half Inc.RHI0.02%\"\"   80.810.43(0.54%)
481Marketaxess Holdings Inc.MKTX0.02%\"\"   226.563.88(1.74%)
482Norwegian Cruise Line Holdings Ltd.sNCLH0.02%\"\"   19.860.30(1.51%)
483Pinnacle West Capital CorporationPNW0.02%\"\"   71.490.68(0.96%)
484Fmc CorporationFMC0.02%\"\"   66.572.72(4.25%)
485Franklin Resources, Inc.BEN0.02%\"\"   27.920.06(0.23%)
486Borgwarner Inc.BWA0.02%\"\"   32.800.26(0.78%)
487Federal Realty Investment TrustFRT0.02%\"\"   101.910.78(0.77%)
488Fox Corporation Class AFOXA0.02%\"\"   29.730.27(0.90%)
489Davita Inc.DVA0.02%\"\"   138.34-0.87(-0.62%)
490Bio-Rad Laboratories, Inc.Class ABIO0.02%\"\"   338.771.55(0.46%)
491Dentsply Sirona Inc.XRAY0.02%\"\"   33.980.37(1.10%)
492Generac Holdings IncGNRC0.02%\"\"   116.010.70(0.61%)
493Invesco LtdIVZ0.02%\"\"   15.780.20(1.28%)
494Ralph Lauren CorporationRL0.02%\"\"   182.712.26(1.25%)
495Comerica IncorporatedCMA0.02%\"\"   52.040.31(0.60%)
496Hasbro, Inc.HAS0.02%\"\"   53.370.27(0.52%)
497Mohawk Industries, Inc.MHK0.01%\"\"   122.432.78(2.32%)
498Zions Bancorporation N.a.ZION0.01%\"\"   41.190.29(0.71%)
499Whirlpool Corp.WHR0.01%\"\"   108.530.75(0.69%)
500Paramount Global Class BPARA0.01%\"\"   11.700.11(0.91%)
501V.F. CorporationVFC0.01%\"\"   15.680.10(0.61%)
502Fox Corporation Class BFOX0.01%\"\"   27.080.25(0.93%)
503News Corporation Class BNWS0.01%\"\"   27.26-0.01(-0.02%)
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Stock Index ETFs
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SPYS&P 500 ETF   516.37 -0.41(-0.08%)
QQQNasdaq 100 ETF   440.32 -3.34(-0.75%)
DIADow Jones ETF   392.30 1.51(0.39%)
ONEQNasdaq Comp ETF   63.79 -0.33(-0.51%)
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Prices provided by Polygon.io
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Data Details
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The list has 503 symbols due to several companies with two share classes. \n For example, Google's parent company Alphabet has Class A (GOOGL) and Class C (GOOG) shares in the index.\n

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The index is constructed using a capitalization weighted index methodology.\n The market capitalization of each index member is also adjusted by a float adjustment.\n For additional details see the index methodology reference documentation provided by SP Global below.\n

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Index Methodology

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Float Adjustment

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Index Documentation

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\n All stocks displayed are sourced from S&P 500 ETF (SPY) holdings minus any cash or other non-stock holdings. \n The list is updated daily after each day the stock market is open for trading.\n

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Stock Market Indexes
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\n S&P 500 Components\n Nasdaq 100 Components\n Dow Jones Components\n
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S&P 500 Data
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\n S&P 500 Historical Returns\n S&P Component Performance\n S&P Component Weight Analysis\n S&P 500 YTD Returns\n S&P 500 Dividend Yield\n S&P 500 Annual Return Breakdown\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", + "page_last_modified": "" + }, + { + "page_name": "The 20 Largest Holdings in the S&P 500 - Investopedia", + "page_url": "https://www.investopedia.com/articles/investing/053116/10-largest-holdings-sp-500-aaplamznfb.asp", + "page_snippet": "Apple, Microsoft, and Amazon are the top three stocks in the index. Other companies in the S&P 500's top 10 list include NVIDIA, Alphabet, Berkshire Hathaway, Meta (formerly Facebook), UnitedHealth, and Tesla.It also operates the Apple Music and Apple TV media distribution platforms. ... Microsoft is a computer hardware and software company that makes products for both personal and enterprise use. A major player in the tech industry for decades, Microsoft is best known for its Windows operating system, the Microsoft Office suite of programs, and the Xbox game system. A major player in the tech industry for decades, Microsoft is best known for its Windows operating system, the Microsoft Office suite of programs, and the Xbox game system. The company also is a major player in cloud computing services with its cloud platform, Azure. Apple, Microsoft, and Amazon are the top three stocks in the index. Other companies in the S&P 500's top 10 list include NVIDIA, Alphabet, Berkshire Hathaway, Meta (formerly Facebook), UnitedHealth, and Tesla. Its most prominent product is the Apple iPhone brand, but Apple also produces other brands including Mac computers and iPad tablets. It also operates the Apple Music and Apple TV media distribution platforms. ... Microsoft is a computer hardware and software company that makes products for both personal and enterprise use.", + "page_result": "\n\n\n\n\n\n\n\n\n\n\nTop 10 S&P 500 Stocks by Index Weight\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n
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Table of Contents\n
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Table of Contents\n\n\n
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  • 1. Apple
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  • 2. Microsoft
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  • 3. Amazon
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  • 4. NVIDIA
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  • 5. Alphabet Class A
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  • 6. Tesla
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  • 7. Meta
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  • 8. Alphabet Class C
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  • 9. Berkshire Hathaway
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  • 10. UnitedHealth
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  • FAQs
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  • The Bottom Line
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  • Markets News
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  • Stocks & Bond News
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Top 10 S&P 500 Stocks by Index Weight

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See which stocks fell in the rankings and which rose

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\nBy\n
Gabe Alpert is a financial journalist and former Editor at Investopedia.

\" tabindex=\"0\" data-inline-tooltip=\"true\"> Gabe Alpert\n
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Gabe Alpert is a financial journalist and former Editor at Investopedia.

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\nLearn about our \neditorial policies\n
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Updated August 29, 2023
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\n\n\nFact checked by\n
Vikki Velasquez\n
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\n\n\nFact checked by\nVikki Velasquez\n
\nFull Bio\n
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\nVikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area.\n
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\n

The Standard & Poor's 500 Index, or simply the S&P 500, is a market-capitalization-weighted index of 503 large-cap U.S. stocks. The index accounts for 80% of the market value of the U.S. equities market. Because it reflects nearly all of the largest stocks in the U.S., it is often regarded as synonymous with the market as a whole. It's the closest there is to a default U.S. stock index.\n

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Because it's weighted by market cap, the largest stocks have a big impact on both the long-term performance and daily movement of the index. The 10 biggest stocks make up 30.9% of the index's market value as of Aug. 31, 2023. This means that investors should familiarize themselves with these 10 giant components to understand what drives the broader market.\n

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Below is our analysis of the 10 largest components of the S&P 500. Weightings are as of Sept. 22, 2023, and market capitalizations are as of Sept. 25, 2023. The trailing 12-month (TTM) figures for revenue and net income are courtesy of TradingView and are as of June 30, 2023, unless otherwise stated.\n

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Key Takeaways

\n
  • The S&P 500 index is a market capitalization-weighted index of the biggest large-cap companies in the United States.
  • The index is synonymous with the stock market in the United States because it contains virtually all of the country's largest stocks.
  • The largest stocks greatly impact the index's long-term performance and daily movement.
  • Apple, Microsoft, and Amazon are the top three stocks in the index.
  • Other companies in the S&P 500's top 10 list include NVIDIA, Alphabet, Berkshire Hathaway, Meta (formerly Facebook), UnitedHealth, and Tesla.
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1. Apple (AAPL)

\n
  • Index Weighting: 7.10%
  • Market Cap: $2.75 trillion
  • Revenue (Trailing 12-Month): $383.93 billion
  • Net Income (Trailing 12-Month): $94.76 billion
    • \n
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Apple is a major producer of hardware and software products, primarily for the consumer market. Its most prominent product is the Apple iPhone brand, but Apple also produces other brands including Mac computers and iPad tablets. It also operates the Apple Music and Apple TV media distribution platforms.\n

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2. Microsoft (MSFT)

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  • Index Weighting: 6.51%
  • Market Cap: $2.36 trillion
  • Revenue (Trailing 12-Month): $211.91 billion
  • Net Income (Trailing 12-Month): $72.36 billion
    • \n
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Microsoft is a computer hardware and software company that makes products for both personal and enterprise use. A major player in the tech industry for decades, Microsoft is best known for its Windows operating system, the Microsoft Office suite of programs, and the Xbox game system. The company also is a major player in cloud computing services with its cloud platform, Azure.\n

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3. Amazon (AMZN)

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  • Index Weighting: 3.24%
  • Market Cap: $1.35 trillion
  • Revenue (Trailing 12-Month): $538.05 billion
  • Net Income (Trailing 12-Month): $13.07 billion
    • \n
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Amazon is an online retailer of all kinds of goods but has increasingly diversified its business. It also has a major cloud-computing business known as Amazon Web Services and runs the Whole Foods chain of brick-and-mortar grocery stores.\n

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Founder and long-time chief executive officer (CEO) Jeff Bezos stepped down as CEO of the company on July 5, 2021, to become executive chair of the company. He was replaced by Andrew Jassey, who previously served as CEO of Amazon Web Services.\n

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4. NVIDIA (NVDA)

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  • Index Weighting: 2.84%
  • Market Cap: $1.04 trillion
  • Revenue (Trailing 12-Month) as of July 31, 2023: $32.68 billion
  • Net Income (Trailing 12-Month) as of July 31, 2023: $10.32 billion
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NVIDIA is a company that develops and manufactures Graphics Processing Units (GPUs). GPUs are a type of computer chip used for creating computer graphics, usually for visual design or computer gaming. But GPUs are increasingly in demand for other tasks such as cryptocurrency mining, artificial intelligence (AI), and machine learning development. NVIDIA is known for its GeForce brand of consumer GPUs.\n

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5. Alphabet Class A (GOOGL)

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  • Index Weighting: 2.14%
  • Market Cap: $1.66 trillion
  • Revenue (Trailing 12-Month): $288.14 billion
  • Net Income (Trailing 12-Month): $60.95 billion
    • \n
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Alphabet is the parent company of search engine giant Google. Besides the Google search engine, Alphabet runs a number of other services, including the video-sharing site YouTube.\n

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It's notable that the company splits its stock into two main share classes:\n

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  • The A shares usually trade for slightly more than the C shares and carry voting rights.
    • \n
  • The C shares are nonvoting shares, meaning they do not entitle the holder to participate in proxy votes.
    • \n
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Each trades on the S&P 500. On their own, they are large enough to make the top 10 list. If counted together, they would place Alphabet third on this list and would make up 3.88% of the index.\n

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6. Tesla (TSLA)

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  • Index Weighting: 1.87%
  • Market Cap: $784 billion
  • Revenue (Trailing 12-Month): $94.03 billion
  • Net Income (Trailing 12-Month): $12.23 billion
    • \n
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Tesla is primarily a maker of electric cars. It makes more than 90% of its revenue and virtually all of its profit from its car business, but it also sells solar panels and batteries for homes and businesses.\n

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7. Meta Platforms Class A (META)

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  • Index Weighting: 1.84%
  • Market Cap: $774 billion
  • Revenue (Trailing 12-Month): $120.52 billion
  • Net Income (Trailing 12-Month): $22.54 billion
    • \n
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Meta Platforms, previously Facebook, runs the largest, most dominant social networking platform in the world. It also owns the photo-sharing app Instagram, the messenger app WhatsApp, and the virtual reality equipment Meta Quest.
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8. Alphabet Class C (GOOG)

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  • Index Weighting: 1.83%
  • Market Cap: $1.66 trillion
  • Revenue (Trailing 12-Month): $288.14 billion
  • Net Income (Trailing 12-Month): $60.95 billion
    • \n
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(See above for company description)
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Alphabet also has B shares. This class has disproportionate voting rights and is only held by Google insiders. The B shares do not trade on the open market.

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9. Berkshire Hathaway (BRK.B)

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  • Index Weighting: 1.81%
  • Market Cap: $789 billion
  • Revenue (Trailing 12-Month): $333 billion
  • Net Income (Trailing 12-Month): $86.89 billion
    • \n
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Berkshire Hathaway is a holding company for the various investments CEO Warren Buffett has made over the years. Among its numerous holdings are insurance businesses such as GEICO, large energy and utilities businesses, a major railroad, consumer brands such as ice cream chain Dairy Queen, and manufacturers such as aerospace parts manufacturer Precision Castparts Corp. It also owns an enormous portfolio of equities.
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10. UnitedHealth Group (UNH)

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  • Index Weighting: 1.30%
  • Market Cap: $473 billion
  • Revenue (Trailing 12-Month): $348.51 billion
  • Net Income (Trailing 12-Month): $21.11 billion
    • \n
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UnitedHealth Group is a health insurance and pharmacy benefit management (PBM) corporation. It operates its PBM as well as additional healthcare services such as health-related data analytics under its Optum brand.
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How Can I Invest in the S&P 500?

\n

There are several ways that you can invest in the S&P 500. Many investment companies have some type of investment that tracks the index. Some of the most common ways to invest in the company (without having to buy the stocks of the individual companies listed on the index) include purchasing shares in mutual funds or exchange-traded funds (ETFs). ETFs are like stocks because they trade on stock exchanges and are more cost-effective because of the lower fees associated with them. Do your research or talk to an investment professional who can help you navigate through all the options.

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Can I Buy Shares in the S&P 500?

\n

No, you cannot buy shares or invest directly in the S&P 500. That's because it is an index that is made up of some of the largest companies in the United States. But you can invest in vehicles that track the index. Index funds and ETFs try to mimic the composition and returns of the index.

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What Does the S&P 500 Measure?

\n

The S&P 500 is an index that tracks the performance of 500 of the largest companies in the United States. Because some companies have different share classes, the index is now made up of 503 stocks. In order to be listed on the index, companies must have a market capitalization of more than $14.5 billion and must meet other criteria. Combined, the top 10 constituents make up more than 30% of the index's market value.

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The Bottom Line

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The S&P 500 is one of the most widely-watched and tracked indexes in the global financial markets. It is made up of 500 of the largest companies in the country. Because of the vast market values of the companies on the S&P 500, the index is considered a gauge of the U.S. economy. Investors who are interested in taking advantage of the returns may want to consider buying shares in an index fund or ETF.\n

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Do you have a news tip for Investopedia reporters? Please email us at
\ntips@investopedia.com
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Article Sources
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Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our\neditorial policy.
\n
    \n

  1. S&P Dow Jones Indices. "S&P 500," Download Factsheet, Pages 1-4.

    2. \n

  2. State Street Global Advisors. "SPDR S&P 500 ETF Trust," Download Excel "All Holdings Daily."

    3. \n

  3. S&P Dow Jones Indices. "S&P 500," Download Factsheet, Page 4.

    4. \n

  4. TradingView. "Apple Inc. Financials-Statements."

    5. \n

  5. Companies Market Cap. "Largest Companies by Market Cap."

    6. \n

  6. U.S. Securities and Exchange Commission. "Apple, Inc., Form 10-K, For the Fiscal Year Ended September 24, 2022," Pages 1-2.

    7. \n

  7. TradingView. "Microsoft Corp. Financials-Statements."

    8. \n

  8. Microsoft Investor Relations. "Segment Information."

    9. \n

  9. TradingView. "Amazon.com Inc. Financials-Statements."

    10. \n

  10. U.S. Securities and Exchange Commission. "Amazon, Inc., Form 10-K, For the Fiscal Year Ended December 31, 2022," Page 3.

    11. \n

  11. Amazon.com, Inc. \u201cAmazon and Whole Foods Market Announce Acquisition to Close This Monday, Will Work Together to Make High-Quality, Natural and Organic Food Affordable for Everyone.\u201d

    12. \n

  12. Bloomberg. "Amazon Begins New Chapter as Bezos Hands Over CEO Role."

    13. \n

  13. TradingView. "NVIDIA Corporation. Financials-Statements."

    14. \n

  14. U.S. Securities and Exchange Commission. "NVIDIA Corporation, Form 10-K, For the Fiscal Year Ended January 29, 2023," Pages 4-7.

    15. \n

  15. TradingView. "Alphabet Inc. Financials-Statements."

    16. \n

  16. U.S. Securities and Exchange Commission. "Alphabet, Inc., Form 10-K, For the Fiscal Year Ended December 31, 2022," Pages 4-6.

    17. \n

  17. Alphabet Investor Relations. "Notice of 2023 Annual Meeting of Stockholders and Proxy Statement," Page 16.

    18. \n

  18. TradingView. "Tesla, Inc. Financials-Statements."

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  20. U.S. Securities and Exchange Commission. "Meta Platforms, Inc., Form 10-K, For the Fiscal Year Ended December 31, 2022," Pages 7-8.

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  21. TradingView. "Berkshire Hathaway Inc. Financials-Statements."

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  22. CNBC. "Berkshire Hathaway Portfolio Tracker."

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  23. U.S. Securities and Exchange Commission. "Berkshire Hathaway, Inc., Form 10-K, For the Fiscal Year Ended December 31, 2022," Pages 1-24.

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  24. TradingView. "UnitedHealth Group Incorporated. Financials-Statements."

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  25. U.S. Securities and Exchanges Commission. "UnitedHealth Group, Form 10-K, For the Fiscal Year Ended December 31, 2022," Pages 1-4.

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  26. S&P Global. "S&P Dow Jones Indices Announces Update to S&P Composite 1500 Market Cap Guidelines."

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\n\n\n\n\n\n\n\n\n\n", + "page_last_modified": "" + }, + { + "page_name": "S&P 500 stocks: 5 companies now make up 18% of the index. Is that ...", + "page_url": "https://fortune.com/2020/02/11/s-and-p-500-stocks-microsoft-apple-amazon-google-facebook/", + "page_snippet": "This spectacular growth means these 5 companies alone now make up more than 18% of the S&P 500. This massive growth also means these companies now have an outsized impact on the performance of the market itself. According to S&P Dow Jones Indices, these 5 tech stocks were responsible for more ...This spectacular growth means these 5 companies alone now make up more than 18% of the S&P 500. This massive growth also means these companies now have an outsized impact on the performance of the market itself. According to S&P Dow Jones Indices, these 5 tech stocks were responsible for more than 20% of the S&P 500\u2019s 31% return in 2019. When you see a handful of stocks dominate in such a way it can make some investors nervous. What happens to the stock market if these companies begin to sell off? Is the rest of the market participating in this rally or is it all being driven by just a small number of stocks? One of the things that jumps out from this list is how high the turnover at the top can be. Every decade there were at least five to six new names at the top of the list. While technology firms dominate the top slots today, in the early-1980s it was energy companies. The behemoth tech stocks have taken advantage of these trends but it was not preordained that these companies would be where they are today. Apple was rescued by Microsoft with a $150 million loan in 1997 which was one year before Google was founded. Jeff Bezos started Amazon in a garage in 1994.", + "page_result": "S&P 500 stocks: 5 companies now make up 18% of the index. Is that a recipe for a crash? | Fortune
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Finance \u00b7investing

5 companies now make up 18% of the S&P 500. Is that a recipe for a crash?

BYBen Carlson
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borzaya

Microsoft, Apple, Google, Amazon and Facebook have collectively added $4.4 trillion in market cap gains since 2013 and are now the 5 largest stocks in the S&P 500.

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This spectacular growth means these 5 companies alone now make up more than 18% of the S&P 500. This massive growth also means these companies now have an outsized impact on the performance of the market itself. According to S&P Dow Jones Indices, these 5 tech stocks were responsible for more than 20% of the S&P 500\u2019s 31% return in 2019.

\n\n\n\n

When you see a handful of stocks dominate in such a way it can make some investors nervous. What happens to the stock market if these companies begin to sell off? Is the rest of the market participating in this rally or is it all being driven by just a small number of stocks?

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It\u2019s important to remember that concentration in stock market gains in the S&P 500 is a feature, not a bug. In a market-cap-weighted index, the majority of the gains will invariably come from the largest names. This doesn\u2019t mean smaller stocks aren\u2019t participating in the rally, just that they don\u2019t move the needle for the overall market.

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Market breadth is a way to gauge the number of stocks rising versus the number that are falling to understand how much of the market is participating in a rally or downturn. In the late-1990s dot-com bubble, there was a noticeable divergence between the stock market and the NYSE advance-decline line, which simply measures the ratio of the number of stocks rising over the number of stocks falling.

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Source: stockcharts.com
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The fact that the advance-decline line was crashing while the market kept rising was a good sign only a handful of big stocks were propping up the market. This was a good warning sign for the bear market that would follow.

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Now here\u2019s the same measure since 2013:

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Source: stockcharts.com
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There have been some minor divergences but for the most part the advance-decline line has tracked the upward move in the market. What this tells us is smaller and medium stocks are also rising. This one measure doesn\u2019t tell you exactly when to get in or get out but it can help us understand the underlying health of the stock market.

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This is nothing new

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The concentration at the top of the S&P 500 has been increasing in recent years but when we look at these numbers historically this is nothing new. Here are the 10 biggest stocks in the S&P 500 at the outset of every decade going back to the 1980s:

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One of the things that jumps out from this list is how high the turnover at the top can be. Every decade there were at least five to six new names at the top of the list. While technology firms dominate the top slots today, in the early-1980s it was energy companies.

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There have also been some brutal corrections in a number of the stocks that populated the top 10 lists of the past. General Electric is down more than 50% in total since it held the top slot in the year 2000. Citi and AIG also populated the list of biggest stocks at the turn of the century. They are down 73% and 95%, respectively, since then. Exxon was the largest stock in the S&P 500 in 2010. Since then the stock has underperformed the index by nearly 250%.

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While the 25% concentration in the top 10 names today feels high, that\u2019s right where it was in 1980. And the market was even more concentrated if we take things further back. In 1965, AT&T made up nearly 8% of the index. General Motors was another 7%. The top 10 holdings were 34% of the S&P 500. In the early 1960s the top 10 holdings at one time made up over 50% of the S&P!

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The average lifespan of a company in the S&P back in the 1960s was around 60 years. Today that number is closer to 20 years. This comes from a combination of mergers, disruption and companies going bust.

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The behemoth tech stocks have taken advantage of these trends but it was not preordained that these companies would be where they are today. Apple was rescued by Microsoft with a $150 million loan in 1997 which was one year before Google was founded. Jeff Bezos started Amazon in a garage in 1994. Facebook was founded in a dorm room in just 2004 and just went public in 2012. It feels like these companies can do no wrong right now and maybe they\u2019ve all built up impenetrable barriers to entry and lasting brands but history says not all of them will remain at the top in the decades to come.

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Concentration has always been a part of the stock market\u2019s structure. Today is no different than the past in that respect. The biggest surprise would be if every one of these stocks remains in the top 10 by 2030.

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Ben Carlson, CFA is the Director of Institutional Asset Management at Ritholtz Wealth Management.\u00a0He may own securities or assets discussed in this piece.

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More must-read stories from Fortune:

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\u2014The strange tale of Jeff Bezos\u2019s $16,840 parking ticket bill
\u2014Stock scammers are using coronavirus to dupe investors, SEC warns
\u2014Credit Suisse braces for an awkward earnings call
\u2014Stock scammers are using coronavirus to dupe investors, SEC warns
\u2014WATCH: Biggest investing opportunities and risks for 2020

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