The S&P 500 is up about 12% in 2026 excluding dividends, while Microsoft is up about 8%, Amazon about 7%, and Alphabet about 2% (based on its Class A shares); together these three stocks make up about 15% of the index. Microsoft and Alphabet report quarterly results on October 28, and Amazon follows on October 29. By the author's estimate, Apple and Nvidia added about 3 percentage points to the index's 12% gain, while the three laggards added about 1 point; had they matched the index, the fund would have gained almost 13%. Each stock has moved roughly 10% or more the day after at least one report this year. For a $10,000 position in an S&P 500 fund (about $1,500 in these three stocks), reactions like those after their July reports would add about $110, while reactions like those after the January and February reports would take away about $80. The author would not change anything in an S&P 500 fund before October 28.
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Related tickers and likely impact
AMZN
• NeutralAmazon
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/23/2026 | 248.04 |
| Change that session | -0.93% |
GOOGL
• NeutralAlphabet Inc. (Class A)
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/23/2026 | 320.25 |
| Change that session | -1.22% |
MSFT
• NeutralMicrosoft
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 10/23/2026 | 524.53 |
| Change that session | +0.66% |
QQQ
• NeutralInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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