The S&P 500 Index is a market-weighted index of U.S. large-cap stocks. The index accounts for approximately 80% of the market value of the U.S. equities market and is often regarded as synonymous with "the market" as a whole.

In September 2020, the FAANG stocks accounted for nearly 20% of the value of the S&P 500 index. Do you think the S&P 500 is a diversified index? What impact have the FAANG stocks had on the S&P 500 performance during the COVID pandemic?