Fall 2024 Snapshot of the S&P 500's Market Cap
The market capitalization of the S&P 500 (Index: SPX) increased by 7.8% during the third quarter of 2024. According to Standard and Poor, the index ended 2024-Q3 with a market cap of $50.57 trillion.
Since the end of the second quarter of 2024, the value of the Top 10 stocks within the market cap-weighted index dropped from representing 35.8% of the index’ total value to 34.6%. That change happened as their combined market capitalization increased from $17.11 trillion to $17.51 trillion.
While that increase of $400 billion is impressive, it also means the other 493 firms that make up the index collectively rose by a much larger amount. The market cap of all these other firms increased some $2.34 trillion to $33.06 trillion.
The following chart shows the relative shares of the top 10 stocks in the S&P 500 at the end of the 2024-Q3. There have been some notable changes since the end of the previous quarter.
Here are the market capitalizations of each of the S&P 500′s top ten component firms at the end of Monday, 30 September 2024:
- Apple (NASDAQ: AAPL) $3,676,779,800,879 (7.27%)
- Microsoft (NASDAQ: MSFT) $3,322,756,986,489 (6.57%)
- Nvidia (NASDAQ: NVDA) $3,100,228,360,301 (6.13%)
- Amazon (NASDAQ: AMZN) $1,805,516,353,389 (3.57%)
- Meta Platforms (A) (NASDAQ: META) $1,299,769,475,689 (2.57%)
- Alphabet (A) (NASDAQ: GOOGL) $1,011,493,755,400 (2.00%)
- Berkshire Hathaway (B) (NYSE: BRK.B) $874,942,098,421 (1.73%)
- Broadcom (NASDAQ: AVGO) $834,482,348,205 (1.65%)
- Alphabet (C) (NASDAQ: GOOG) $834,482,348,205 (1.65%)
- Tesla (NYSE: TSLA) $753,562,847,773 (1.49%)
The biggest change is Apple (NASDAQ: AAPL), which vaulted to the number one slot, regaining its position as the most valuable company in the world as measured by its market cap. As that happened, both Microsoft and Nvidia fell one slot from their previous position to occupy the #2 and #3 slots in the market cap ranking.
The other notable changes happened at the bottom end of the Top 10, with Eli Lilly & Co. (NYSE: LLY) dropping out of this exclusive club. It was replaced by Tesla (NYSE: TSLA), which rejoined it.
The valuation of Broadcom (NASDAQ: AVGO) rose enough to move the firm from the #10 to #8 slot, and the value of the C class shares of Alphabet (NASDAQ: GOOG) shrank by $100 billion as this portion of the firm dropped from the #6 to #8 position. Berkshire Hathaway (B) (NYSE: BRK.B) moved up to take its place in the #6 position.
References
Standard and Poor. S&P Market Attributes. [Excel Spreadsheet]. 30 September 2024. Accessed 1 October 2024.
Source: https://politicalcalculations.blogspot.com/2024/10/fall-2024-snapshot-of-s-500s-market-cap.html
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