Many of the market's biggest winners this month are hiding in places investors were not watching a month ago.

Small caps are beating midcaps, midcaps are beating large caps, and the equal-weight S&P 500 (^GSPC) — where each stock gets one vote — is ahead of the cap-weighted version that favors the largest companies.

At the bottom sits the "Magnificent Seven" trade, down double digits and doing what big stocks do when they fall together: dragging the whole tape with it.

This is not what a risk-off month usually looks like. Some of the indexes are having a rough month. The average stock is holding up.

The biggest companies get the biggest pull in the S&P 500 and Nasdaq Composite (^IXIC), and June's biggest stocks have been the loudest losers. Ten S&P 500 stocks have shed at least $100 billion in market value this month. Only two have added that much.

Microsoft (MSFT), Alphabet (GOOG, GOOGL), Apple (AAPL), Amazon (AMZN), Nvidia (NVDA), Broadcom (AVGO), Tesla (TSLA), Oracle (ORCL), Meta (META), and Palantir (PLTR) are all on the wrong side of that $100 billion line. Micron (MU) and Applied Materials (AMAT) are the only names above it on the winning side.

That pressure had already left the Magnificent Seven down about $2 trillion earlier this month. The latest scoreboard shows how hard it is for the major indexes to rally when their heaviest names are working against them.

An unlikely set of industry winners and losers has emerged in June.

The unwind in the Iran war premium has helped push WTI crude oil (CL=F) toward its biggest monthly drop since 2020. Energy, both traditional and clean, is under pressure.

Airlines have benefited from lower oil prices. Homebuilders have caught a lift from lower long-term yields. Healthcare, biotech, regional banks, and semiconductors have all found buyers while the old leaders have stalled.

June winners

June losers

Airlines: Lower oil prices are easing fuel-cost pressure.

Magnificent 7: The biggest stocks are weighing on the major indexes.

Homebuilders: Lower long-term yields are helping rate-sensitive stocks.

Software: Investors are questioning how much companies will spend on AI.

Biotech and healthcare: Investors are rotating into less crowded growth and defensive areas.

Traditional and clean energy: Oil's war premium is coming out of the market.

Regional banks: Smaller financial stocks are joining the broader small-cap rally.

Crypto: Speculative trades are losing momentum.

Semiconductors: AI demand is still supporting memory and chip equipment stocks.

China internet: Global risk appetite and currency pressure are weighing on the group.

The AI trade is still alive and well. In June, it has largely been an extension of the trends in place since the March 30 lows.

Memory and chip equipment stocks are still working, helped by the same supply chain pressure behind Micron's AI memory rally. Software and megacap platform names are having a tougher month as investors question the cost of the AI build-out.

The bull market turns four years old in October, and June is showing that it does not need the biggest stocks to participate every month.

But big index gains are a lot harder to sustain unless those giants eventually rejoin the broader rally.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

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