The Most Top-Heavy Market In History: 10 Stocks Account For All S&P Returns In 2023

Regular readers will recall that In the aftermath of the bank failures in March earlier this year, we showed that the performance of US equities was incredibly narrow. Back then, SocGen calculated that the top-10 stocks accounted for about 86% of the index performance.

Wast forward to today when with just 8 weeks remaining in the year, the situation hasn't changed much: the top-10 stocks now account for 89% of the index performance year-to-date. This, according to SocGen's Jitesh Kumar is "by far the narrowest performance in post-GFC era if we count years in which S&P500 has gained at least 10%."