Losses in heavy-hitting US tech stocks have extended in to the early days of 2023, with warnings of much more pain to come for market titans, including electric-car maker Tesla.
The 10 biggest stocks by market capitalisation in the benchmark S&P 500 at the index’s peak in early 2022, including Tesla, Apple and Microsoft, lost a combined $4.9tn last year. So far in 2023, these companies’ market capitalisation has shrunk a further $110bn.
The clutch of mega-caps dominates Wall Street equities, with the top 10 stocks accounting for about 30 per cent of the S&P 500 near the peak of the bull market at the end of 2021. Now this pullback hints at a market where such intense concentration will start to fade away.
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