The first quarter of 2024 has come and gone. Before it did, the S&P 500 (Index: ) clocked a new record high of The index ended 2024-Q1 with a market cap of $45.89 trillion according to Standard and Poor.The Top 10 stocks within the market cap-weighted index together accounted for 32.5% of its total valuation. That’s up from the 30.9% share that the S&P 500’s Top 10 stocks held at the end of 2023.It would be a mistake however to assume that all the biggest stocks just got bigger over the past three months. At the end of December 2023, Apple (Nasdaq: ) was the biggest company in the S&P 500 with a market cap of $2.81 trillion. At the end of March 2024, Apple’s valuation shrank to just under $2.6 trillion, falling to second place in the index.Microsoft (Nasdaq: ) has become the biggest company in the S&P 500 with a market cap of nearly $3.3 trillion as of 28 March 2024, rising from a $2.79 trillion figure three months ago.But that’s not the only change for the top ten companies of the S&P 500 in the last three months. The following chart shows the relative shares of the top 10 stocks in the S&P 500 at the end of the first quarter of 2024.Three months ago, both Tesla (Nasdaq: ) and JP Morgan Chase (NYSE: ) were members of the S&P 500’s Top 10 stocks. They’ve been replaced by Eli Lilly (NYSE: ) and Broadcom (Nasdaq: ). Meanwhile, Nvidia (Nasdaq: ) rocketed upward to become the third largest company in the S&P 500, passing several long-running members of the index’ top ten on its rapid ascent.Here are the market capitalizations of each of the S&P 500’s top ten component firms:
The remaining 495 firms of the S&P 500 index account for 67.5% of its total market valuation.ReferencesStandard and Poor. S&P Market Attributes. []. 28 March 2024. Accessed 29 March 2024.More By This Author:Dividends By the Numbers In March 2021 And 2024-Q1Median Household Income in February 2024S&P 500 Closes Its Best Quarter Since 2019 At Record High
