On Thursday, October 22, 2026, 337 of the 497 tracked S&P 500 stocks rose, 159 declined and one was unchanged, yet the index closed lower. Because the index is weighted by market value, mega-caps such as NVIDIA ($5.09 trillion), Apple ($5.07 trillion), Alphabet ($3.97 trillion) and Microsoft ($3.89 trillion) have outsized influence on its direction. Meta Platforms, valued at $1.42 trillion, was the main trigger: its third-quarter GAAP diluted EPS of $3.83 missed the $5.70 consensus after a $9.89 billion charge tied to a settlement with 52 state attorneys general, although revenue rose 26.1% to $64.60 billion. Meta shares fell 6.98% on Thursday and another 0.96% on Friday, while NVIDIA was down 6.45% and Alphabet 5.22% over the past month. The article argues that index-fund returns depend heavily on a handful of large companies.
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SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
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