Together, these megacap stocks are responsible for the $2.05 trillion of market value added to S&P 500 year-to-date, compared to $320 billion of value created by the index's other stocks.
It marks a sharp turnaround from 2022, when the tech sector was especially battered as the Federal Reserve hiked interest rates in order to combat high inflation. But as bank runs dominated headlines in March, investors flocked to tech, which had limited exposure to the financial sector and was already gaining momentum from new trends, such asAt the same time — with banks tightening their lending standards to avoid a further contagion — the Fed moderated its aggressive tightening policy.
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