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Jimmy Carter, the 39th US president, has died at 100
AP Business SummaryBrief at 3:54 p.m. ESTLuka Doncic returns to Dallas Mavericks' lineup after missing two games with left heel contusionThe S&P 500 index is a benchmark used to gauge the broader U.S. market. Its 500 large-cap and megacap components come from every sector of the economy, and reflect investing categories from value to growth. As those companies account for about 80% of the value of the U.S. stock market, the S&P 500 makes a fairly good proxy for it. However, each company's weight in the index is proportional to its market cap, and some companies have in recent years grown so big that now, just a few have a disproportionate amount of influence over it. Today, more than one-third of the S&P 500's value comes from just eight companies. The "Fateful Eight" If you follow the market, it should be no surprise that the broader market has become concentrated. High-flying tech and artificial intelligence stocks surged in price, with their gains offsetting hundreds of underperformers in the S&P 500 and carrying the index to a roughly 26% broader gain in 2024 (as of Dec. 27). Over the last two years, the S&P 500 is up by more than 55%. Here are the eight stocks that now make up roughly 34.4% of the market and their weights in the S&P 500: 1. Apple ( AAPL -1.32% ) : 7.66% 2. Nvidia ( NVDA -2.09% ) : 6.71% 3. Microsoft Corp ( MSFT -1.73% ) : 6.37% 4. Amazon ( AMZN -1.45% ) : 4.16% 5. Meta Platforms ( META -0.59% ) : 2.57% 6. Tesla ( TSLA -4.95% ) : 2.48% 7. Alphabet ( GOOGL -1.45% ) ( GOOG -1.55% ) : 2.24% 8. Broadcom ( AVGO -1.47% ) : 2.24% The first seven names have become known as the "Magnificent Seven" due to their massive market shares in their industries, their fortress balance sheets, and their incredible technological innovations. However, after Broadcom's market cap recently surged past the $1 trillion mark, a group of Wall Street pundits added it to the pack, dubbing the expanded group the "Fateful Eight." Their performances this year have (with one exception) been extraordinary. TSLA data by YCharts. Every stock in the Fateful Eight except Microsoft outperformed the S&P 500 in 2024. In fact, all of those other seven have at least doubled the gains of the broader market. However, consider that 168 stocks in the S&P 500 are down for the year, while more than 70% of the names in the index have underperformed it. Does this make the broader market risky? Some might wonder if investing in the broader market is safe considering that such a large proportion of its gains have come from such a narrow group of companies. Many of the Fateful Eight trade at nosebleed valuations, making them more vulnerable to pullbacks if they deliver weak earnings or miss their guidance, or if inflation reignites. After all, Treasury yields have marched higher, and many investors pared back their expectations for interest rate cuts in 2025. One assumption is that the market's gains will eventually broaden. If the lofty valuations on the Fateful Eight normalize, the rest of the stocks in the S&P 500, which generally trade at cheaper valuations, could appreciate, offsetting the impact of that normalization. However, some market strategists now view these big tech names as defensive plays, assuming that in an economic environment featuring more inflation and fewer interest rate cuts, mere mortal companies will suffer and investors will flee to safety in the Fateful Eight. These are interesting dynamics, and I do not know what the future holds. However, I think it's important for investors to understand that when they look at some metrics intended to reflect the broader market, the picture they present is not as diverse right now as it usually is. Because of that, the S&P 500 could be susceptible to a big pullback due to its high concentration in tech mega-caps stocks. Risks remain because inflation could reignite, and a recession is also not out of the question, although economic data does not currently suggest one is imminent. For investors who are concerned about the concentration risks in the S&P 500, one option would be to invest in a fund like the Invesco S&P 500 Equal Weight ETF ( RSP -0.68% ) . Every quarter, equal-weight funds rebalance their holdings back to a condition where each company in the portfolio accounts for the same share of the total -- an even weighting not based on market cap. Equal-weighted S&P 500 funds have vastly underperformed standard S&P 500 funds this year, but they would be more resilient if the members of the Fateful Eight experience a pullback, or if the market's growth from here shifts toward the stocks that have been laggards lately.
SEOUL, South Korea (AP) — The president of South Korea early Wednesday lifted the martial law he imposed on the country hours earlier, bending to political pressure after a tense night in which troops surrounded parliament and lawmakers voted to reject military rule. President Yoon Suk Yeol, who appeared likely to be impeached over his actions, imposed martial law late Tuesday out of frustration with the opposition, vowing to eliminate “anti-state” forces as he struggles against opponents who control parliament and that he accuses of sympathizing with communist North Korea. Police and military personnel were seen leaving the grounds of parliament following the bipartisan vote to overrule the president, and the declaration was formally lifted around 4:30 a.m. during a Cabinet meeting. Parliament acted swiftly after martial law was imposed, with National Assembly Speaker Woo Won Shik declaring that the law was “invalid” and that lawmakers would “protect democracy with the people.” In all, martial law was in effect for about six hours. The president’s surprising move harkened back to an era of authoritarian leaders that the country has not seen since the 1980s, and it was immediately denounced by the opposition and the leader of Yoon’s own conservative party. Lee Jae-myung , leader of the liberal Democratic Party, which holds the majority in the 300-seat parliament, said the party’s lawmakers would remain in the Assembly’s main hall until Yoon formally lifted his order. Woo applauded how troops quickly left the Assembly after the vote. “Even with our unfortunate memories of military coups, our citizens have surely observed the events of today and saw the maturity of our military,” Woo said. While announcing his plan to lift martial law, Yoon continued to criticize parliament’s attempts to impeach key government officials and senior prosecutors. He said lawmakers had engaged in “unscrupulous acts of legislative and budgetary manipulation that are paralyzing the functions of the state.” Jo Seung-lae, a Democratic lawmaker, claimed that security camera footage following Yoon’s declaration showed that troops moved in a way that suggested they were trying to arrest Lee, Woo and even Han Dong-hoon, the leader of Yoon’s People Power Party. Officials from Yoon’s office and the Defense Ministry did not respond to requests for comment early Wednesday. Seemingly hundreds of protesters gathered in front of the Assembly, waving banners and calling for Yoon’s impeachment. Some protesters scuffled with troops ahead of the lawmakers’ vote, but there were no immediate reports of injuries or major property damage. At least one window was broken as troops attempted to enter the Assembly building. One woman tried unsuccessfully to pull a rifle away from one of the soldiers, while shouting “Aren’t you embarrassed?” Under South Korea’s constitution, the president can declare martial law during “wartime, war-like situations or other comparable national emergency states” that require the use of military force to maintain peace and order. It was questionable whether South Korea is currently in such a state. When martial law is declared, “special measures” can be employed to restrict freedom of press, freedom of assembly and other rights, as well as the power of courts. The constitution also states that the president must oblige when the National Assembly demands the lifting of martial law with a majority vote. Following Yoon’s announcement of martial law, South Korea’s military proclaimed that parliament and other political gatherings that could cause “social confusion” would be suspended, South Korea’s Yonhap news agency said. The military said anyone who violated the decree could be arrested without a warrant. In Washington, the White House said the U.S. was “seriously concerned” by the events in Seoul. A spokesperson for the National Security Council said President Joe Biden’s administration was not notified in advance of the martial law announcement and was in contact with the South Korean government. Pentagon spokesman Maj. Gen. Pat Ryder said there was no effect on the more than 27,000 U.S. service members based in South Korea. The South Korean military also said that the country’s striking doctors should return to work within 48 hours, Yonhap said. Thousands of doctors have been striking for months over government plans to expand the number of students at medical schools. Soon after martial law was declared, the parliament speaker called on his YouTube channel for all lawmakers to gather at the National Assembly. He urged military and law enforcement personnel to “remain calm and hold their positions. All 190 lawmakers who participated in the vote supported the lifting of martial law. At one point, television footage showed police officers blocking the entrance of the National Assembly and helmeted soldiers carrying rifles in front of the building. An Associated Press photographer saw at least three helicopters, likely from the military, that landed inside the Assembly grounds, while two or three helicopters circled above the site. The leader of Yoon’s conservative party called the decision to impose martial law “wrong.” Lee, who narrowly lost to Yoon in the 2022 presidential election, said Yoon’s announcement was “illegal and unconstitutional.” Yoon said during a televised speech that martial law would help “rebuild and protect” the country from “falling into the depths of national ruin.” He said he would “eradicate pro-North Korean forces and protect the constitutional democratic order.” “I will eliminate anti-state forces as quickly as possible and normalize the country,” he said, while asking the people to believe in him and tolerate “some inconveniences.” Yoon — whose approval rating dipped in recent months — has struggled to push his agenda against an opposition-controlled parliament since taking office in 2022. His party has been locked in an impasse with the liberal opposition over next year’s budget bill. The opposition has also attempted to impeach three top prosecutors, including the chief of the central Seoul prosecutors’ office, in what the conservatives have called a vendetta against their criminal investigations of Lee, who has been seen as the favorite for the next presidential election in 2027 in opinion polls. During his televised announcement, Yoon also described the opposition as “shameless pro-North Korean anti-state forces who are plundering the freedom and happiness of our citizens.” He did not elaborate. Yoon has taken a hard line on North Korea over its nuclear ambitions, departing from the policies of his liberal predecessor, Moon Jae-in, who pursued inter-Korean engagement. Yoon has also dismissed calls for independent investigations into scandals involving his wife and top officials, drawing quick, strong rebukes from his political rivals. Yoon’s move was the first declaration of martial law since the country’s democratization in 1987. The country’s last previous martial law was in October 1979, following the assassination of former military dictator Park Chung-hee. Sydney Seiler, Korean chair at the Center for Strategic and International Studies, argued that the move was symbolic for Yoon to express his frustration with the opposition-controlled parliament. “He has nothing to lose,” said Seiler, comparing Yoon’s move to the Hail Mary pass in American football, with a slim chance of success. Now Yoon faces likely impeachment, a scenario that was also possible before he made the bold move, Seiler said. Natalia Slavney, research analyst at the Stimson Center’s 38 North website that focuses on Korean affairs, said Yoon’s imposition of martial law was “a serious backslide of democracy" that followed a “worrying trend of abuse” since he took office in 2022. South Korea “has a robust history of political pluralism and is no stranger to mass protests and swift impeachments,” Slavney said, citing the example of former President Park Geun-hye, the country’s first female president, who was ousted from office and imprisoned for bribery and other crimes in 2017 . Associated Press writers Hyung-jin Kim in Seoul, South Korea, and Matt Lee, Didi Tang and Tara Copp in Washington contributed to this report.
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