Apple, Microsoft Dominate U.S. Markets After FAANG Trade Fizzles

The combined weighting of Apple and Microsoft in the S&P 500 has risen to the highest level on record

Apple has emerged as a haven in the stock market turmoil, bringing its weighting in the S&P 500 to 7.11%. Photo: Cyril Marcilhacy/Bloomberg News

The FAANG era is apparently over. The U.S. market is dominated by just two stocks now. 

The combined weighting of Apple Inc. and Microsoft Corp. in the S&P 500 has risen to 13.3%, the highest level on record, while the influence of other big technology stocks has waned of late. That is according to Strategas Securities data going back to 1990.

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