The S&P 500 ended Q3 2026 up approximately 2%, closing between 7,651 and 7,666 points, with a year-to-date gain of 11.77%. Four technology stocks, Microsoft, Nvidia, Apple and Meta Platforms, added about 300 points to the index while the remaining constituents subtracted roughly 150 points. Around 311 of the index’s roughly 500 companies posted declines over the quarter. Microsoft led the group with a gain of 33% to 37.5%, followed by Meta between 18% and 28.7%, Nvidia at 13% to 14%, and Apple at 13% to 15%. This concentration of gains illustrates significant concentration risk for investors holding market-cap-weighted index funds.
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