S&P 500’s top five stocks match market cap of bottom 434, Batnick says

[Trading charts background] da-kuk/E+ via Getty Images The five largest S&P 500 stocks matched the combined market value of the index’s bottom 434 companies, financial analyst Michael Batnick said in a post, a concentration he called unlike anything previously experienced. "One of the main reasons so many breadth indicators are off the charts is because the concentration in the index is like nothing we've ever experienced," Batnick said. Nvidia (NVDA [https://seekingalpha.com/symbol/NVDA]), Apple (AAPL [https://seekingalpha.com/symbol/AAPL]), Alphabet (GOOG [https://seekingalpha.com/symbol/GOOG]), Microsoft (MSFT [https://seekingalpha.com/symbol/MSFT]) and Amazon (AMZN [https://seekingalpha.com/symbol/AMZN]) had a combined market value of $21.