Here are the largest holdings in the S&P 500 Nvidia $NVDA 8.4% Apple $AAPL 6.8% Microsoft $MSFT 4.8% Amazon $AMZN 4.2% Alphabet $GOOGL 3.6% Broadcom $AVGO 3.2% Alphabet $GOOG 2.9% Meta $META 2.1% Tesla $TSLA 2.0% Micron $MU 1.4% Berkshire Hathaway $BRK.B 1.4%

US labor productivity kept rising in Q1, but more slowly. Output per hour for nonfarm workers increased at a 0.8% annual rate, down from 1.6% in Q4. Compared w/a year earlier, however, productivity was up 2.9%; the biggest gain since 2024. Productivity has been on a strong run since 2023. JPMorgan cautions against attributing too much of this strength to AI, noting it’s still early. Still, ongoing business investment in AI could help sustain the trend. Faster productivity growth may also be helping to contain unit labor costs, which rose just 1.2% YoY; suggesting limited wage-driven inflation pressure.