US tech giants are in the most underweight position in 16 years.

Market attention has shifted from geopolitical issues to the flurry of earnings reports released by consumer-oriented businesses. Home Depot released their earnings report today, while Target and Lowe's will release theirs on Wednesday, and Walmart on Thursday. The market is eagerly interested in any comments regarding the impact of tariffs. The focus is also on the Federal Open Market Committee meeting minutes and Federal Reserve Chairman Jerome Powell's keynote speech at the Jackson Hole symposium. As of 5:25 AM New York time, S&P 500 index futures and Nasdaq 100 index futures remain stable. Analysis of the 13F filings submitted by Morgan Stanley for the end of the second quarter of 2025 shows that large tech stocks are currently underweighted compared to their weight in the S&P 500 index, with Nvidia leading this trend. This indicates that many investors are eager to chase the recent surge in tech stocks. Meanwhile, Bloomberg's John Authers wrote that equal-weighted indices, such as the S&P 500, are performing at their lowest level relative to market cap-weighted indices in 22 years, and the dominance of the top 10 stocks in the S&P 500 index has reached extreme levels.