S&P 500 Has Never Been This Reliant on Two Stocks: Apple and Nvidia Combined Weight Exceeds 15%

Apple (AAPL-US) and Nvidia (NVDA-US) are exerting an increasingly dominant influence on the U.S. stock market. Peter Mallouk, president of financial planning firm Creative Planning, pointed out that the S&P 500 index has never been this concentrated in just two stocks.

The combined weighting of Apple and Nvidia exceeds 15% of the index, far surpassing the 9.1% held by Microsoft (MSFT-US) and General Electric (GE-US) before the dot-com bubble burst.

Rising stock prices for both companies have further increased their index weightings. Apple's shares hit a record high of $345 on Tuesday. However, as U.S. 10-year Treasury yields rose and the broader market pulled back, the stock retreated slightly from its peak.

Apple's stock has strengthened following the company's recent launch of the iPhone 18 and its first foldable smartphone, Duo, earlier this month. The stock has risen 25% year-to-date.

Meanwhile, Nvidia announced in late August that its business is expected to grow by at least 70% in the next fiscal year. CEO Jensen Huang stated that growth would exceed 100% if not for supply constraints. Nvidia's shares have gained 21% year-to-date.