The S&P 500 has gone 22 straight sessions without a drop of 1% or more, while its market cap has climbed nearly $12 trillion since the March bottom. Big Tech, led by Microsoft and Nvidia, accounts for most of the gain since Q2 earnings season began.
The S&P 500 (SPX) has now completed 22 consecutive sessions without a drop of 1% or more, according to The Kobeissi Letter. According to The Kobeissi Letter: "The strength of this market is unprecedented."
Volatility has stayed contained alongside the streak. The VIX closed at or below 16 for 18 straight days. Friday's reading hit 14.4, about 20% under its one-year average near 18.
Its market capitalization has climbed by nearly $12 trillion from the March low. The benchmark now sits just 1.5% shy of record-high territory.
Big Tech dominates the latest earnings season behind this run. The S&P 500's total market cap has surged $1.75 trillion since Q2 earnings season began on July 13. The Technology sector alone accounts for $1.39 trillion of that gain, or about 79% of the total.
Within tech, Microsoft and Nvidia added a combined $1.42 trillion in market cap over this period. By contrast, the other 71 stocks in the sector lost a combined $22.3 billion.
Other sectors moved more modestly. Healthcare added $345.2 billion in value. Financials rose $192.7 billion and Energy gained $174.7 billion. By contrast, Communication Services lost $299.6 billion, while Utilities fell $88.5 billion and Industrials dropped $67.3 billion.
Source: The Daily Hodl
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