Apple, Alphabet and Tesla are Holding the S&P 500 Rally Back

Investors may be tempted to imagine how much higher the S&P 500 Index would be if three of its most influential stocks weren’t lagging behind.

Apple Inc., the third-most-valuable company in the S&P 500, has seen its shares drop 16% this year amid tariff concerns and problems developing artificial intelligence services. Alphabet Inc., the $2.1 trillion internet advertising giant, is down 7% amid fears that AI chatbots will eat into its lucrative Google search business. Meanwhile, Tesla Inc. is down 23% amid slumping electric vehicle sales.