S&P 500 – Cumulative Total % Return of the Top 10 U.S. Companies Since 2000, maintaining dominance and consistently beating the S&P 500 has eluded almost all top-ten stocks except for rare cases like Microsoft. Current market leaders could defy history, but past evidence suggests it’s a high bar. Image: Deutsche Bank
Buybacks – Announced Share Repurchases for S&P 500 Companies In 2025, U.S. companies are announcing record share buybacks, with repurchases projected to exceed $1 trillion—a move designed to boost stock prices, strengthen financial indicators, and instill confidence in investors. Image: J.P. Morgan
Equity Market Concentration – Market Capitalization of 10 Largest Companies as Share of S&P 500 Total The S&P 500’s top 10 stocks hold a disproportionately large share of the index’s weight relative to their earnings, which amplifies risks tied to volatility, diversification, and sector exposure. Image: Goldman Sachs Global Investment Research
Earnings Surprises of S&P 500 Companies This quarter’s earnings season demonstrates continued resilience in corporate profitability. 51% of S&P 500 companies have beaten Q1 earnings estimates by at least 1 stdev., while 12% have missed by at least 1 stdev. Image: Goldman Sachs Global Investment Research
Top 10 Companies’ Share of Market Capitalization China’s stock market concentration is moderately lower than that of the United States. Image: Goldman Sachs Global Investment Research
Top Five Companies % of S&P 500 Market Capitalization The S&P 500 is experiencing unprecedented levels of concentration. While the concentration presents potential risks, the fundamentals of the top 5 companies remain strong, with elevated profit margins and robust cash flow generation. Image: Deutsche Bank
Capital Expenditure by Magnificent Seven Companies vs. Share Price Index Major U.S. tech companies are maintaining their focus on AI infrastructure investment, even as DeepSeek’s breakthroughs raise questions about spending sustainability. Image: Goldman Sachs Global Investment Research
Seven Largest Companies as Share of S&P 500 Total Market Capitalization The seven largest stocks in the S&P 500 index account for 33% of its total market capitalization. While this high concentration doesn’t necessarily predict market downturns, it can potentially lead to increased volatility. Image: Goldman Sachs Global Investment Research
Earnings of Tech Companies While U.S. tech stocks are riding a wave of strong performance driven by both hype and solid earnings fundamentals, non-tech stocks face prolonged stagnation in earnings. Image: Topdown Charts
S&P 500 – Top 10 U.S. Companies by Market Capitalization Relative to Total The dominance of the top 10 U.S. companies in the S&P 500 Index raises concerns about the index’s ability to provide adequate diversification for investors. Image: Societe Generale Cross Asset Research
Proportion of Companies Beating Earnings Estimates In Q3 2024, the proportion of U.S. corporate earnings exceeding expectations reached 77%, while in Europe, it was 62%, both surpassing their historical median levels. In contrast, the proportion in Japan was only 39%. Image: Deutsche Bank Asset Allocation