From Election Day 2016 through the S&P 500’s last all-time high on January 26th, the index added $6.3 trillion in market cap to take its total market cap up to $25.46 trillion.  Since the high on 1/26, the index has now lost $2.34 trillion in market cap, bringing the total down to $23.12 trillion.  This means that 37% of the post-Trump gains in market cap have been erased during the current market pullback.

Below is a list of the 25 largest companies in the S&P 500.  For each stock, we include its current market cap, its distance from its 52-week high, and its change in market cap since the S&P 500’s peak on 1/26.

Apple (AAPL) remains on top with a market cap of $854 billion.  Amazon.com (AMZN) has moved into the #2 slot with a market cap of $724.7 billion, moving past both Alphabet (GOOGL) and Microsoft (MSFT) in recent days.  While most stocks have lost market cap since the market’s peak, AMZN has added $49 billion!

Another big development at the top of the list is that Berkshire Hathaway (BRK/B) has unseated Facebook (FB) in the top five.  While both Berkshire and Facebook have lost tens of billions in market cap over the last two months, Facebook (FB) has lost more than double what Berkshire has lost.  At the moment, Berkshire is worth $42 billion more than Facebook ($484 billion vs. $442 billion).  As shown, Facebook has now lost $109.9 billion in market cap since January 26th.

While the S&P 500 as a whole has lost $2.34 trillion in market cap since January 26th, the 25 largest stocks have lost nearly a trillion.  This means the 25 largest stocks have accounted for roughly 40% of the losses.

Below is a chart that shows the average S&P 500 stock’s distance from its 52-week high by sector.  As shown, the average S&P 500 stock is now 15% below its 52-week high.  Telecom is the only sector with a reading below -20%, but Consumer Discretionary and Energy are getting close to the -20% mark.

Note that the two largest sectors of the market — Financials and Technology — still have the strongest readings, but these two sectors have been getting crushed over the last couple of weeks.

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