Through the end of the first quarter of 2022, the 505 companies that make up the S&P 500 (Index: SPX) were collectively worth $39.90 trillion, shrinking 5.8% from what they were worth at the end of 2021.
The 10 stocks that make up the largest components of the market capitalization weighted index continue to account for 29.5% of that value, unchanged from 31 December 2021. The following chart shows their share of the market cap of the whole index:
The other 495 firms in the S&P 500 have a collective market capitalization of $28.15 trillion.
Here is the list of the top 10 components of the S&P 500 index as of 31 March 2022:
- Apple (NASDAQ: AAPL)
- Microsoft (NASDAQ: MSFT)
- Amazon (NASDAQ: AMZN)
- Tesla (NASDAQ: TSLA)
- Alphabet (A) (NASDAQ: GOOGL)
- Alphabet (C) (NASDAQ: GOOG)
- Nvidia (NASDAQ: NVDA)
- Berkshire Hathaway (B) (NYSE: BRK.B)
- Facebook (NASDAQ: FB)
- United Healthcare (NYSE: UNH)
While the Top 10 firms of the S&P 500 maintained their overall share of the index' total market capitalization, the rankings of several firms within the Top 10 changed, with several notable changes in the weighting of firms within the index taking place since December 2021.
The top firm, Apple, saw its weighting within the index increase. The company now accounts for 7.1% of the S&P 500's total valuation by itself. The second largest firm, Microsoft, saw its relative share shrink from 6.3% in December 2021 to 6.0% at the end of March 2022. Number three Amazon held relatively steady, slightly increasing its share of the S&P 500 by 0.1% to 3.7%.
Then we come to the two biggest market cap stories of Spring 2022. The first of these is Tesla's rise to become the fourth largest publicly traded U.S. company. In growing to represent 2.4% of the index, the company surpassed the market cap of Alphabet's Class A common stock shares, which represented 2.2% of the index' value. Alphabet's Class C shares follow behind with a value of 2.0% of the S&P 500's market capitalization. [In case it ever comes up, the difference between Alphabet's Class A and Class C shares comes down to shareholder voting rights. Shareholders who own the Class A shares have them, investors who own the Class C shares do not.]
The second story is the fall of Meta Platforms, still better known as Facebook. Meta's valuation dropped from 2.0% of the total value of the S&P 500 to 1.3%, dropping the company from sixth to ninth in the index' Top 10. As a company, its size as measured by market cap is now surpassed by both Nvidia and Berkshire Hathaway.
It also edges United Health Group in size, where the difference is Meta Platforms' market cap of $0.54 trillion rounds down to 1.3% of the S&P 500's value, while United Health Group's market cap of $0.50 trillion rounds up to 1.3% of the S&P 500's total market cap.
Will Meta Platforms still be in the Top 10 firms of the S&P 500 three months from now? You'll have to check back for the Summer 2022 edition to find out!
References
Standard and Poor. S&P 500 Index Earnings and Estimates. [Excel Spreadsheet]. Accessed 1 April 2022.
Standard and Poor. S&P Market Attributes. [Excel Spreadsheet]. Accessed 1 April 2022.
Slickcharts. S&P 500 Companies by Weight. [Online Database]. Accessed 1 April 2022.
Ycharts. S&P 500 Market Cap. [Online Database]. Accessed 1 April 2022.
Labels: market cap, SP 500
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