The Nasdaq100 index just went out at the highest levels in history relative to the much broader Russell3000 Index.
Technology represents about 50% of the Nasdaq100, with Apple’s weighting coming in at 11% of the index and Microsoft currently at just over 10%.
But the Nasdaq100 is a good representation of these mega-cap names, because Amazon, Google, Meta and Tesla all carry huge weightings. Remember, none of these stocks are in the Tech Index.
So the Nasdaq100 broadens it out to what most people consider “Tech”.
Here’s the QQQ hitting new all-time highs relative to Russell3000: [Read more…]