These are the top 22 stocks pushing the S&P 500 into record territory — and it’s not all Big Tech
1. S&P 500 hits all-time highs with top 22 stocks dominating weighting. 2. 22 stocks make up 50.3% of S&P 500, including Walmart and Costco. 3. Investor interest in AI boosts valuations for tech and major non-tech firms. 4. S&P 500 currently trades at a high P/E multiple of 22.6x. 5. Market expects strong earnings growth, but valuations may be concerning.