S&P 500 concentration is near record levels

BREAKING: The top 10 U.S. stocks now make up 43% of the S&P 500’s total market cap.
That is near the highest level on record.
This concentration has stayed at or above 40% for the last 12 months.
Over the last decade, the top 10 weighting in the index has more than doubled.
At the same time, the smallest 250 companies in the S&P 500 now represent only about 7% of the index, the lowest level since at least 2014.
The top 10 are now worth more than 6x the smallest 250 companies combined.
For $SPY, the message is clear: a small group of mega-cap stocks is still driving the market.