Microsoft Corp. (NASDAQ:MSFT) has become the single biggest drag on the S&P 500 this year and all of the Magnificent 7 stocks are now acting as a deadweight on headline returns. 

MSFT is the Biggest Loser

Brian Sozzi at Yahoo Finance on Tuesday posted new S&P 500 attribution data from Bloomberg and Barclays Research that shows Microsoft has erased 140.4 basis points of index‑level total return year-to-date, far more than any other constituent. 

Other mega‑cap growth darlings aren't far behind on the losers list — in fact, the Magnificent 7 round out the top 7 detractors: 

Nvidia Corp. (NASDAQ:NVDA) has shaved off 49.8 bps, Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) 46.8 bps, Apple Inc. (NASDAQ:AAPL) 44.5 bps and Tesla Inc. (NASDAQ:TSLA) 37.0 bps. 

The pain extends to the rest of the Mag 7 cohort, with Amazon.com Inc. (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META) posting sizable negative contributions alongside pressure from Eli Lilly (NYSE:LLY), Visa (NYSE:V) and Oracle Corp. (NYSE:ORCL).

This lineup of heavyweights at the bottom of the attribution table highlights a sharp reversal from the past few years, when mega‑cap tech effectively carried the index. 

Now, their sheer size means underperformance shows up as a sizable headwind for passive investors, even as many other stocks quietly advance. 

In effect, the S&P 500 remains hostage to a handful of giants — only this time, they are dragging performance down instead of pulling it higher.

XOM Tops Contributors List

On the flip side, Exxon Mobil Corp. (NYSE:XOM) has stepped into the role Nvidia used to play: the number one bullish engine for the benchmark. 

The energy major tops the winners column with a 35.7‑basis‑point positive contribution to the S&P 500's total return year-to-date. 

Chevron Corp. (NYSE:CVX) adds another 17.8 bps, reinforcing how traditional oil and gas names are now stabilizing forces for the index as investors reward disciplined capital allocation and robust cash flows. 

The chart below compares the year-to-date stock performances of MSFT, NVDA, XOM and CVX: 

Johnson & Johnson (NYSE:JNJ) has chipped in 15.6 bps, while Applied Materials (NASDAQ:AMAT) and Caterpillar Inc. (NYSE:CAT) have contributed 11.2 bps and 10.6 bps, respectively, reflecting resilience in health care, industrial demand and chip‑equipment spending.

Further down the winners list, Costco Wholesale Corp. (NASDAQ:COST) and Walmart Inc. (NYSE:WMT) each add around 10 bps, as steady traffic and pricing power support big‑box retail. 

GE Vernova Inc. (NYSE:GEV), SanDisk (NASDAQ:SNDK) and Lam Research Corp. (NASDAQ:LRCX) round out the top contributors with roughly 9–10 bps each, signaling interest in industrial transformation and the semiconductor supply chain. 

The Takeaway

The S&P 500 year-to-date attribution data show a market where energy, industrials and high‑quality defensives are doing the heavy lifting — while the former tech champions that once defined the bull market have become its biggest liability.

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