Summary

• We’ve made numerous mentions of the weakness in mega-cap stocks so far this month, and given their weightings in the S&P 500, the impact on the index is notable.
• Although the cap-weighted S&P 500 has been weak, performance outside the largest eight stocks has been better, and the average stock has seen modest gains this month.
• Unlike the cap-weighted index, RSP made a higher high in mid-June, but it has also seen some, although not as consistent, weakness in the last few days.

Originally published on June 26, 2026

We’ve made numerous mentions of the weakness in mega-cap stocks so far this month, and given their weightings in the S&P 500, the impact on the index is notable. The S&P 500