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Elon Musk's Tesla (TSLA) and SpaceX (SPCX) are having a brutal July. Apple (AAPL) is quietly having its best month in four years.

SpaceX, which was already cut in half recently, has lost over $750 billion in market value since the start of the month. Tesla has given back roughly $440 billion.

Alphabet (GOOG, GOOGL) is shedding over $375 billion of its own. Those three account for almost all of the roughly $1.6 trillion in damage across the market's 10 trillion-dollar companies.

The rest of the club is holding up. Six of the 10 rose.

Microsoft (MSFT) is adding nearly $120 billion, and Meta (META) has added just over $75 billion. Leave out Musk's two stocks, and the other eight are net higher for July.

Apple is doing most of the lifting.

Its roughly $700 billion gain absorbs the losses of both Tesla and Alphabet, and the run has carried the stock back to a record. Apple is nearing a $5 trillion market valuation and has already taken back the title of world's most valuable company from Nvidia (NVDA) β€” which sits about 15% below the high it set in May.

Look past the biggest names, and the market is steadier than the headline suggests. The equal-weight S&P 500 is up 1% in July, while the standard cap-weighted S&P 500 (^GSPC) is down 1%. That means the typical stock is doing fine, even as some of the giants are weighing down the main index.

The money leaving the top hasn't left the market.

Since the S&P 500's July 15 interim high, Energy (XLE), Financial Services (XLF), and the defensive corners have led, and the two sectors deepest in the red are where some of the most damaged megacaps live: Technology (XLK) and Consumer Discretionary (XLY).

The cash is rotating out of the leaders and into nearly everything else.

The exception is chips. The Philadelphia Semiconductor Index (^SOX) is down nearly 20% this month and was back testing its July 17 low near 11,300 during the Monday session.

Even there, the two chipmakers inside the trillion-dollar club, Nvidia and Broadcom (AVGO), are getting off easy. The selling has hit memory and equipment makers instead, with several of them β€” like Micron (MU) and Intel (INTC) β€” cut by a quarter to nearly half.

The stocks that have helped carry the market to records recently are on the back foot, while the rest grind higher.

If the average stock keeps holding and the chip selling stays walled off in semiconductors, the damage continues to look contained. If the weakness spreads, the leaders' stumble becomes everyone's problem.

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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