The Globe and Mail reports in its Wednesday, Jan. 29, edition that before Monday's market rout, five stocks -- Nvidia, Microsoft, Alphabet, Amazon and Meta -- had added about 700 points to the S&P 500 over two years. A Reuters dispatch to The Globe reports that without them, the index would be 12 per cent lower, according to SocGen's Manish Kabra. Nvidia alone contributed four percentage points to the S&P 500's two-year gains. Nvidia's earnings over the past year amounted to about $63-billion (U.S.), equal to about half of the total earnings from all listed companies in Britain, Germany and France. These companies plus Apple and Tesla -- the "Magnificent Seven" or "Mag 7" -- have accounted for nearly 60 per cent of the S&P 500's gains in the past two years. Wall Street has never been beholden to so few stocks, with the "Mag 7" now accounting for more than 35 per cent of the S&P 500's entire market cap. Meanwhile, U.S. stocks currently account for a record two-thirds of global equity allocation. The rise of "Mag 7" stocks has the U.S. comprising a larger share of global equities, prompting passive investors to increase their U.S. exposure, which fuels further price gains and purchases.