The S&P 500 hasn't been this dependent on just 2 stocks since 1978

The growing influence of Apple and Microsoft comes as shares have rallied 23% and 14%, respectively, so far in 2023, rebounding from steep losses last year.

Tech stocks broadly have been seen as relatively safe bets in the stock market lately. In the immediate wake of the collapse of Silicon Valley Bank,"While it sounds like [a] Twilight Zone comment to many investors, tech stocks have become the new safety trade with big tech names a major beneficiary of this dynamic," Wedbush analyst Dan Ives said in a recent note.

But perhaps the strongest driver of technology stocks' returns is the sharp decline in bond yields and

Tech makes up well over 20% of the index at the moment but it changes through the decades. In the past it was oil and banks that dominated. Overall it remains a solid index for long term investors with confidence in the US economy.

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