Earlier today we showed that excluding the tremendous impact of just a handful of megatech stocks whose market cap has skewed the entire S&P500 in the favor of just five stocks...
... the S&P500 would be effectively unchanged for the year.
And of all stocks impacting the broader market, none does more so than Apple which today alone is up $85 billlion not on any news, but ostensibly because the record date for its 4-for-1 stock split is Monday.
Some more facts: Apple rose as much as 4%, the most since Aug. 12, outperforming by a wide margin other megacap technology stocks, with the next best performer among the four biggest U.S. technology stocks was Alphabet with a gain of 1%.
Putting the move in context, Apple has added $440 billion to its market cap over the last month, which as Charlie Bilello notes, is more than the current market cap of 493 companies in the S&P 500.
The result is that the Nasdaq has just hit a new all time high of 11,522, and why? Because of a stock split.