The Kobeissi Letter(@KobeissiLetter):Defensive stocks have never been this disliked: The healthcare sector now accounts for just 8.3% of the S&P 500’s market cap, the lowest percentage since 1994. Their weight has fallen by -50% since the 2022 bear market. By comparison, healthcare represented ~9.0% of the index’s value at the 2000 Dot-Com Bubble peak. Furthermore, consumer staples, healthcare, and utilities collectively now account for just ~15% of the S&P 500’s market cap, the lowest since at least the 1970s. Their weighting has dropped -12 percentage points since 2022, marking an even bigger drop than during the Dot-Com run. Tech stocks have never been bigger.

2026.05.10 00:30

Defensive stocks have never been this disliked: The healthcare sector now accounts for just 8.3% of the S&P 500’s market cap, the lowest percentage since 1994. Their weight has fallen by -50% since the 2022 bear market. By comparison, healthcare represented ~9.0% of the index’s value at the 2000 Dot-Com Bubble peak. Furthermore, consumer staples, healthcare, and utilities collectively now account for just ~15% of the S&P 500’s market cap, the lowest since at least the 1970s. Their weighting has dropped -12 percentage points since 2022, marking an even bigger drop than during the Dot-Com run. Tech stocks have never been bigger.