Apple market cap surpassed the Russell 2000 for two weeks
Per MW
For the first time ever, Apple's market capitalization spent two weeks being larger compared to the entire Russell 2000. The last time that Apple was able to surpass the market cap of Russell 2000 was on September 1, 2020.
Although Apple was able to surpass the Russell 2000 market cap on September 1, 2020, it didn't last for long. In fact, the tech giant's surpass of the small-cap index happened for just a single day.
This comes as Apple has a market capitalization of about $2.7 trillion, with the company towering by billions over the Russell 2000. Per Market Watch, Apple became $100 billion richer than the combination of the small-cap index' stocks' value.
Apple has reportedly grown by 32% since Jan 1, per FactSet data. In contrast, the Russell 2000 has barely moved and remains "essentially unchanged" compared to the start of the year.
Callie Cox, eToro's equity strategist, gave a statement during a phone interview with MarketWatch, commenting on the situation. Per Cox, the situation showed what small-cap stocks are going through.
Cox: “It is pretty incredible that one company could overtake an entire universe of small-cap stocks in terms of size... To me, it really speaks to how beaten down small-caps are.”
In September, it was reported that the stock market wiped out a whopping $9 trillion from Americans' wealth. This would be over three times the size of Apple's entire market cap.
In February, it was also reported that hedge funds that had bets against stocks globally decided to abandon those trades at the fastest pace since 2015. During that time, JPMorgan's Positioning Intelligence gave a statement regarding the situation.
“Positioning isn’t ‘high’ and it doesn’t seem like many investors are bullish, per se,”
This came as large short positions by hedge funds were abandoned, most of them being in industrials and information technology companies, per Goldman.
See flow at unusualwhales.com/flow.
Other News:
- Stock market losses wipe out $9 trillion from Americans’ wealth
- Hedge funds betting against stocks globally abandoned those trades last week at the fastest pace since 2015
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