The S&P 500 is now positive in 2020, yet roughly 2/3 of the companies in the index are still negative on the year! If you look under the hood of the index performance, you'll find that 320 of the 500 companies are still negative. Meanwhile, three large technology companies, Amazon (AMZN), Microsoft (MSFT) and Apple (AAPL) that are largely responsible for the positive turn.
The chart below shows the performance of the S&P 500 Index (orange) compared with Amazon (+73%), Microsoft (+34%) and Apple (+34%) on the year (as of 07.20.2020).
To dig deeper, the below screen print from Bloomberg shows the out sized attribution from each of those companies on the index. Amazon attributed +263%, Microsoft +195% and Apple +195% of the S&P 500 index return so far this year.
This is pretty remarkable and although the leadership may not be surprising, a healthy market will need more components to pick up the slack. Heavy shoulders for those three large technology companies.