MegaCap-8 Stocks Are Outperforming Again

The MegaCap-8 stocks seem to do well during pandemics. They did so in 2020 during the Covid lockdowns. They may be doing so again during the banking crisis. Their collective market-cap share has jumped from 19.0% a few weeks ago to 23.5% on Friday (chart).

Last week, the S&P 500 rose 1.4% even though the S&P 500's Financials sector dropped 6.1% led by a 22.7% plunge in Regional Banks and a 7.9% drop in Diversified Banks (table). The MegaCap-8 helped to boost Communication Services (which includes Alphabet and Meta) by 6.9%, Information Technology (Apple, Microsoft, and NVIDIA) by 5.7%, and Consumer Discretionary (Amazon and Tesla) by 2.4%.