Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTJared BlikreThu, June 11, 2026 at 12:00 PM GMT+2 2 min readThe S&P 500's (^GSPC) decline in June looks like a market sell-off. Under the hood, it is mostly a megacap problem.The "Magnificent Seven" — Microsoft (MSFT), Amazon (AMZN), Apple (AAPL), Alphabet (GOOG, GOOGL), Nvidia (NVDA), Tesla (TSLA), and Meta (META) — have erased roughly $2 trillion in market value this month, according to Yahoo Finance analysis.That accounts for more than two-thirds of the S&P 500's total market-cap loss in June.The group's biggest drag has come from Microsoft and Amazon, which have each lost more than $350 billion in market value this month. Apple and Alphabet have each shed roughly $300 billion, while Nvidia and Tesla have lost about $260 billion and $200 billion, respectively.The result is a top-heavy index doing what top-heavy indexes do: moving with its largest stocks.The group accounts for more than two-thirds of the S&P 500's market-cap loss this month. · Yahoo Finance analysisIt's not that the rest of the market is very strong so much as the weakness is concentrated.The Magnificent Seven are down a median 9.7% in June, while the rest of the S&P 500 has a median gain of 0.3%. That split helps explain why the index feels heavy even though many stocks are still holding up.The same pressure showed up in