The Nasdaq is dramatically outperforming the rest of the major US equity indices today…

In fact this this is the biggest Nasdaq outperformance of the S&P since May 2009…

“We saw some weakness in the stocks of tech megacaps recently, not so much because of a concern about mediocre earnings but rather because a concern about valuations being stretched,” said Walter Todd, chief investment officer at Greenwood Capital Associates.

“The numbers Google and Amazon reported may trigger a rotation back into tech megacaps and probably a further rally. ”

Putting the massive gains in context…

The Nasdaq 100 has added over $180 billion in market cap today – the biggest addition since the day after Aug 2015’s Flash Crash…

That is more market cap than 472 of the S&P 500. There are only 28 names with a larger total market cap in the S&P 500 than Tech names added today…

FANG Stocks (FB, AMZN, NFLX, GOOGL) alone added over $120 billion… the biggest day ever….

And finally, as The FT reports, Amazon, Microsoft, and Alphabet alone added a stunning $144 billion – more than the entire market cap of IBM…

As we noted earlier, AMZN is soaring 12.5% today, At its session high of $1,105, Amazon added about $63.5 billion to its market value, more than the market value of 421 of the S&P 500.