Chart of the Day — July 7, 2026 (Part 1)

Chart of the Day

July 7, 2026

Stock Market • Concentration

41% of the S&P 500 Is Just 10 Stocks. A Decade Ago, It Was 20%.

Your “diversified” index fund might not be as diversified as you think.

Top 10 Stocks as % of S&P 500

1990

20%

2000
Dot-com

26%

2010

18%

2015

20%

2020

28%

2025
Record

41%

Aside from the dot-com spike, top 10 held between 18%–20% for 25 years before doubling in a single decade.

Source: S&P Dow Jones Indices, 2026

Wall Street warned this week that stock market speculation has reached extreme levels. They might be right. But I’d argue the bigger risk is something most investors aren’t paying attention to at all.

If you own an S&P 500 index fund — and you probably do — ten companies now make up 41% of your money. Ten. Out of five hundred.

Look at the chart. From 1990 all the way through 2015, the top 10 stocks generally held steady between 18% and 20%. Even at the height of the dot-com mania — when everyone was losing their minds over tech stocks — it only spiked to 26% before settling back down. Then the mega-caps arrived. Apple. Microsoft. Nvidia. Amazon. Alphabet. By 2025, the top 10 had swelled to 41%... nearly double where they sat for a quarter century.

Here’s what that means for your retirement. If those 10 stocks fall 20%, your “diversified” portfolio drops about 8% — even if the other 490 companies don’t budge. You thought you owned the whole American economy. What you really own is a tech fund with 490 small side bets attached.

Trump goes "all-in" on Grand Canyon energy breakthrough

The clock is ticking on the biggest energy deadline in American history…

Aims its full firepower at ONE company.

See, on August 18th, the government holds a landmark land auction for this energy source - and the results could reshape the entire sector.

But here’s what almost nobody knows:

When the White House killed credits for solar, wind, EVs, and every other renewable energy source in America…

They left one untouched.

Not only that - they reclassified it alongside oil and nuclear…

And gave it eight years of credits.

Because last June, a drilling crew working right near the Grand Canyon…

Unearthed a well of clean energy producing almost 8 times the output of the largest oil well in Saudi Arabia…

Capable of powering civilization for two million years.

Right here on American soil.

Everything changed that day.

Google signed a 15-year contract…

Bill Gates wrote a $100 million check.

And on August 18th, the government hands this energy source its biggest advantage ever.

One company owns the entire chain.

The window to be an “early investor” is closing fast.

I recommend placing your trade at tomorrow’s market open.

Go here now for the Grand Canyon breakthrough ticker>>

Chart of the Day — July 7, 2026 (Part 2)

And here’s the part that really gets me. For decades, buying the index was the safe, boring, sensible move. It was. But the product changed while the label stayed the same. What’s inside your index fund today looks nothing like what was inside it ten years ago.

The Takeaway

“If you own an S&P 500 index fund, 41 cents of every dollar rides on just 10 companies. At the dot-com peak, it was 26 cents. That’s not diversification — it’s a concentrated bet.”

Pull up your retirement account this week. Look at the top holdings. If nearly half your money is sitting in a handful of names you could count on one hand, that’s worth a phone call to your advisor. Not next month. This week.

More tomorrow. Stay sharp.

— Ray Calloway

Your 'Diversified' S&P 500 Fund Has 41 Cents of Every Dollar in 10 Companies

41% of the S&P 500 Is Just 10 Stocks. A Decade Ago, It Was 20%.

Trump goes "all-in" on Grand Canyon energy breakthrough

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