Morningstar completed its Q3 reconstitution of the US Total Market Index. SpaceX was added five days post-IPO but holds a 0.1% weight due to limited float. Micro-cap and value stocks outperformed, while concentration among the top 10 names remains elevated at 35%. Style movements included Intel and Applied Materials shifting to growth; McDonald's and Adobe moved to value. The indexes now underpin over $3 trillion in investor assets.
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