Apple’s $700 billion gain offsets declines in Tesla and SpaceX, masking broader market resilience in July.
Tesla and SpaceX lost a combined $1.2 trillion in market value in July, dragging down the megacap sector. SpaceX alone shed nearly $800 billion, while Tesla declined over $400 billion, accounting for most of the $1.5 trillion drop among the market’s largest companies.
The group of 10 trillion-dollar firms saw a net loss of $600 billion for the month, with Alphabet also contributing a $300 billion decline. However, six of the 10 companies rose, led by Apple’s $700 billion gain, which pushed its valuation near $5 trillion and reclaimed its title as the world’s most valuable company.
Excluding Tesla and SpaceX, the remaining eight megacaps gained over $600 billion in July. The equal-weight S&P 500 rose 1%, contrasting with the cap-weighted index’s 1% decline, signaling broader market stability beyond the largest names.