Russell 1000 Lost $4.8 Trillion in Market Cap While the Average Stock Gained
As seen on the 24/7 Wall St. homepage on November 9, 2026.
If you own a cap-weighted index fund, NVIDIA alone erased $1.27 trillion of the Russell 1000's decline, so the average stock being green over the past month did nothing for you.
R1K stocks are up an average of 0.76% over the last month, yet the index has shed about $4.8 trillion in market cap. NVIDIA $NVDA has seen its market cap fall the most at -$1.27 trillion, while another 13 have fallen more than $100 billion. Here's the 20 biggest drops: https://t.co/ujScNdaJBE
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The Russell 1000 shed roughly $4.8 trillion in market cap over the past month even as the average constituent stock gained 0.76%. In a cap-weighted index dominated by a handful of enormous companies, declines in the giants drag the index lower regardless of what the broader membership does.
NVIDIA accounts for the single largest share of that damage, with its market cap declining $1.27 trillion over the period. That one stock alone represents more than a quarter of the index's total market-cap loss, which explains why investors in passive cap-weighted funds felt pain that a simple average return would never reveal.
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Beyond NVIDIA, another 13 Russell 1000 members each shed more than $100 billion in market cap, according to Bespoke Investment Group's analysis. The 20 biggest drops were concentrated at the top of the index while hundreds of smaller names moved higher.
For investors who benchmark against the Russell 1000, the average stock's positive return offered no comfort. Cap-weighted exposure ties the portfolio's fate to the index's largest names, and those names have been moving sharply lower.
Mentioned: NVDA