It’s been a mixed bag for the electric and self-driving vehicle businesses. Industry bellwether Tesla Inc. (NASDAQ: TSLA) recently, cutting prices on its electric vehicle (EV) models clearly signals falling demand. On the other hand, Chinese high-end EV manufacturer NIO Inc. (NYSE: NIO) and battery producer Contemporary Amperex Technology Co. Limited recently announced a five-year agreement to create a new battery supply system and team up on other initiatives. 

The largest constituents in the S&P 500® Index tend to represent a significant portion of its total return profile, while the largest constituents in the NASDAQ-100® Index deliver an even higher percentage of the index’s total return given its smaller basket. Usually, this concentration is a good thing, as big names such as Microsoft, Apple, and Amazon deliver strong returns, but in 2022, not so much. In fact, both Microsoft and Apple were down nearly 30% in 2022, but remained the top two holdings in both the NASDAQ-100® Index and S&P 500® Index, with over 10% and over 5% weight, respectively.