The Nasdaq Composite Index’s market capitalization has surged to 66% of the S&P 500 Index’s this month, the largest share ever.
Microsoft Corp., the tech-heavy gauge’s second-biggest weighting, has a lot to do with it.
The provider of cloud-computing services briefly surpassed state energy giant Saudi Aramco as the world’s second-largest company this month — after Apple Inc. — and accounted for almost 80 basis points of the Nasdaq’s 9.1% total annual returnthrough Tuesday.
The S&P 500 has returned 4.9% with dividends reinvested.
Source: Blomberg Pro Terminal
Chart: Used with permission from Bloomberg Finance L.P.