Thursday, August 20, 2020

Apple, Microsoft are taking on S&P 500 financials' weight

Apple Inc. and Microsoft Corp. count almost as much in the S&P 500 Index as all its banks, insurers and other financial companies combined. The makers of iPhones and Windows software amounted to 12.6% of the S&P 500’s value as of Thursday, according to data compiled by Bloomberg. Their weight approached the 12.9% for the 66 companies in the S&P 500 Financials Index plus Visa Inc., Mastercard Inc. and PayPal Holdings Inc., classified as technology stocks. The comparison was made by Jonathan Krinsky, chief market technician at Bay Crest Partners LLC, in a note Thursday.

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