Back
Equal-weighted Nasdaq 100 trails equal-weighted S&P 500 by 6.8 points in July

Equal-weighted Nasdaq 100 trails equal-weighted S&P 500 by 6.8 points in July

The July gap reflects a sharp unwind in equal-weighted technology as investors take profits from tech stocks, leaving the Nasdaq 100 near its weakest relative monthly showing on record.

Fact Check
The claim precisely matches The Kobeissi Letter's July 30, 2026 primary post: a 6.8-percentage-point July underperformance of the equal-weighted Nasdaq 100 versus the equal-weighted S&P 500, following four consecutive months of tech outperformance, and on track for the weakest relative monthly showing on record. An independent source (Macro Alpha) corroborates the 'worst month ever' framing. The originator is a widely-followed market commentator rather than an index provider, so the specific figure could not be independently verified against Nasdaq/S&P index data, hence medium confidence, but the claim faithfully and accurately represents its source.
    Reference: 12
Summary

The equal-weighted Nasdaq 100 was underperforming the equal-weighted S&P 500 by 6.8 percentage points as of July 30, a gap that could mark its worst relative monthly showing on record if sustained. The equal-weighted S&P 500 rose 2.2% to near record highs, while the equal-weighted Nasdaq 100 fell 4.6% to near its lowest level since mid-May. The move extends a sharp reversal after four straight months of outperformance by equal-weighted technology and suggests investors took profits from tech stocks at a record pace during the month, shifting leadership toward a broader swath of U.S. equities.

Terms & Concepts
  • equal-weighted Nasdaq 100: A version of the Nasdaq 100 in which each constituent has the same weight rather than larger companies dominating the index.
  • equal-weighted S&P 500: A version of the S&P 500 that gives each company the same portfolio weight, offering a broader view of market participation.