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Market Review July 3 2023
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STRATxAI

April 2024

Apple Hits $3 Trillion

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Welcome to this week’s market review. We’re analysing Apple Inc., the first stock to reach a $3 Trillion market cap. On top of that, we’ll give an overview of the market’s performance year to date.

The Big Apple

Apple has recently crossed the remarkable milestone of $3 trillion, which is equivalent to a staggering 3 million million dollars. Such vast numbers can be challenging for our minds to comprehend. In the realm of finance, a trillion represents one of the largest orders of magnitude that one may encounter.

To put Apple's achievement into perspective, consider this: the combined market capitalization of the smallest 4,100 publicly traded stocks in the United States, which accounts for almost 75% of all stocks, is roughly equal to that of Apple alone.

Furthermore, Apple Inc. now holds a substantial 5.5% share of the entire U.S. stock market. Considering other tech giants such as Microsoft, Google, Amazon, Nvidia, Tesla, Meta, and Visa, these eight companies collectively represent over 21% of the market.

Apple passes the $3T mark

While Apple has been incredibly strong in 2023, they aren’t the only big tech company to perform well this year. Of the eight tech companies listed above, the average year-to-date return is almost 80%. The combined market cap of these stocks has grown by over $4T.

Big tech year to date

Big tech has been driving the Nasdaq-100 (QQQ) and S&P 500’s (SPY) outperformance in 2023. The Nasdaq-100 has increased by 36.5%, for its best ever year to date return. The S&P 500 has increased an impressive 14.1% over the same period. The Dow Jones Industrial Average (DIA) and the Russell 2000 (IWC) have had a comparatively poor year to date, with minor gains of 2.8% and 4.2% respectively.

Market indices year to date

Cryptocurrency

Bitcoin continues its 2023 recovery with an 84% return year to date. Microstrategy recently added to their Bitcoin holdings, which is now over $4.5B. Additionally, in the past number of weeks, Fidelity and Blackrock filed applications to launch Bitcoin ETFs. The other crypto assets have been lagging Bitcoin. Ethereum, Polkadot, and Ripple have increased 57%, 14%, and 41% year-to-date, while Binance Coin is down 6% in 2023.

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