Almost half of all US households’ financial assets are tied to public stocks, a near-record high, according to recent Federal Reserve data.
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The market appeared yawn-inducing at the broad index level, but there was a flurry of activity under the hood.
The top 10 stocks have reached a weight not seen since the 1970s, with their market cap accounting for about one-third of the entire index.
The 50 companies with the biggest pandemic-era gains have collectively lost $1.5 trillion in market value since the close of 2020.