MEGA CAP STOCKS VERSUS THE REST OF THE STOCK MARKET

10 mega-capitalization stocks add up to 25.5% of the total Wilshire 5000 market capitalization. The Wilshire 5000 includes all 3,415 stocks listed in the US.  First the Big Ten were hot, then they were not.  The rest of market has gone almost nowhere in nearly 3 years.

The Big Ten are
Facebook,
Apple,
NVIDIA,
 Alphabet (Google),
Microsoft,
Amazon,
Netflix,
Tesla,
Intel,
Salesforce.com

The Big Ten market value (outstanding shares times share price) at its high on September 2 was $9.3 trillion. Since then, the "FANGMANTIS" Index dropped12.9% as of the close pn September 11 ( down $1.20 trillion).

individual closing highs of the 10 stocks were from August 31 through September 2, and then these stocks dropped between 5.8% (Intel) and 25.1% (Tesla) from their highs (the peak was the date in parentheses):

    Alphabet [GOOG]:   -12.2% (Sep 2)
    Amazon [AMZN]:     -11.9% (Sep 2)
    Apple [AAPL]:          -16.5% (Sep 1
    Facebook [FB]:        -11.9% (Sep 2)
    Microsoft [MSFT]:    -12.0% (Sep 2)
    NVIDIA [NVDA]:       -15.3% (Sep 2)
    Netflix [NFLX]:          -13.7% (Sep 1)
    Tesla [TSLA]:             -25.1% (Aug 31)
    Intel [INTC]:                   -5.8% (Sep 2)
    Salesforce [CRM]:    -13.6% (Sep 1)

The Wilshire 5000 minus the "FANGMANTIS" Index has not reached its February 19, 2000  high. It's down 5.3% for 2020. And up only +2.5% from the January 2018 stock market peak. The huge US stock market has become  too dependent on ten mega-cap high-fliers. That's called bad breadth, and is common at stock market peaks.

Meanwhile, Exxon Mobil [XOM] was down 65% since June 2014 and Chevron [CVX] was down 40%, along with the entire energy sector.