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Oct 08 2025
Market Internals

Other Market Undercurrents

  • Oct 8, 2025

With the second and third quarters’ results in the books, 2025 is back to following the exact same playbook seen the past two years. The eight largest firms in the S&P 500 posted an average return of +50% since the end of Q1. That octet—now a 37% index weight—has contributed a little over two-thirds of the S&P 500’s +20% return during the last six months.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil contributes to Leuthold research publications and is the author of the Green Book's At Random.

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