Just 10 stocks, accounted for 25% of total market capitalization

[empedocles]

The Wild Ride of the FANGMANTIS Stocks v. Rest of Market
by Wolf Richter • Sep 11, 2020
These 10 stocks, weighing 25% of the total market, are on one heck of a ride, now in the wrong direction. Rest of market has gone nowhere in nearly 3 years despite huge volatility.
By Wolf Richter for WOLF STREET.
The FANGMANTIS struck again. This WOLF STREET index of ten giant tech stocks, accounting for 25.5% of the total stock market capitalization as tracked by the Wilshire 5000, fell 1.1% today, though the broader market eked out a minuscule gain, with the S&P 500 up a hair.

These 10 stocks – Facebook, Apple, NVIDIA, Google parent Alphabet, Microsoft, Amazon, Netflix, Tesla, Intel, and Salesforce.com – . . . Their combined market value (outstanding shares times share price) at its high on September 2 was $9.3 trillion. Since then, the FANGMANTIS Index has dropped by 12.9%, or to put real dollars to it, by $1.20 trillion (market cap data via YCharts):

[RazzleCat]

1. the one interesting thing in this is

how so many, Netflix, Amazon, Google, Alphabet and Microsoft are companies who got a boost from covid. I know Apple is very cash rich, Tesla is impossible to understand (stock wise), Intel has the market cornered on devices (more demand due to covid?), I know nothing about sales force.

[Wellstone ruled]

2. Yupper,as our Broker friend said

couple weeks back,that is just the tip of the big Bust Iceberg. Several Market Makers are running teams of Day Traders who are doing Pump and Dump schemes. The worst are Options and Futures,both long and shorts. Bid it up,and kill their orders and have their fellow team members sell into the up's and walk away from their shorts.