THREE ON THURSDAY - First Trust Economics - S&P 500 Index Performance Check - Q3 2025

Oct 12, 2026

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THREE ON THURSDAY, First Trust Economics, reviews S&P 500 Index performance across the first three quarters of 2025. It explains the index’s market-cap weighting and highlights Q3 total return of 8.1% and year-to-date gains of 14.8%, with 28 all-time highs and 18.9% maximum drawdown. The report attributes returns and earnings growth to the “Magnificent 7,” contrasts earnings versus price contributions, and notes breadth metrics for stocks outperforming the index in 2023–2025. It includes relevant data sources and index disclaimers.

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S&P 500 Index Performance Check: Q3 2025

Index overview and YTD results

Magnificent 7 impact and attribution

Earnings versus price contribution

Stock breadth: members outperforming the index

Disclosures and sources

THREE ON THURSDAY FIRST TRUST ECONOMICS October 9, 2025 S&P 500 Index Performance Check: Q3 2025 This week’s edition of“Three on Thursday” focuses on the S&P 500 Index’s performance over the first three quarters of 2025. As a widely respected barometer for the overall stock market, the S&P 500 Index tracks the performance of 500 of the largest companies listed on U.S. stock exchanges. The Index uses a market-cap weighting approach, giving a higher percentage allocation to companies with larger market capitalizations, adjusted for the number of publicly traded shares. In the third quarter alone, the S&P 500 Index achieved a total return of 8.1%, bringing the year to date gains up to 14.8%. So far this year through Q3, the S&P 500 Index has hit all-time highs 28 times, with a maximum drawdown of 18.9% . Below are three charts that provide a deeper understanding of the events that shaped the first three quarters. S&P 500 Index YTD Attribution Through Q3 2025 16% 14% 12% 10% 8% 6% 4% 2% 0% | 8.6% | | | | | | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | | 0.7% 0.2% | | | | 1.6% | | | .1%
0.0% | | | 2.7% | | -0.1% | | | | | | | | | 1 NVDA MSFT AAPL AMZN GOOGL META TSLA All Other Stocks The “Magnificent 7” companies – Apple, NVIDIA, Microsoft, Amazon, Tesla, Alphabet, and Meta – which currently hold a combined 32.2% weighting in the S&P 500 Index, accounted for 41.8% of the Index’s 14.8% total return in the first three quarters of 2025. NVIDIA stood outwith an impressive 39.0% increase, leading the group in contribution. Not all of the Mag 7 are still the largest seven companies in the S&P 500 [index. Broadcom Inc. is](index. Broadcom Inc. is) now larger than Tesla taking the seventh slot. If Broadcom Inc. replaced Tesla in the Magnificent 7, the new group’s contribution to the overall market return for the first three quarters of 2025 increases to 55.5% . Source: Capital IQ, First Trust Advisors. Data from 12/31/24 – 9/30/25 . The Magnificent 7’s Impact on the S&P 500 Index Company Name Share ofS&P 500 Index Earnings Growth (Last 12M) Share ofS&P 500 Index Price Gain (Last 12M) | NVIDIA Corporation | 14.3% | 19.5% | | --- | --- | --- | | [Amazon.com](Amazon.com), Inc. | 10.6% | 3.9% | | Meta Platforms, Inc. | 7.4% | 4.4% | | Alphabet Inc. | 10.2% | 9.4% | | Microsoft Corporation | 5.6% | 8.4% | | Apple, Inc. | -1.4% | 2.6% | | Tesla, Inc. | -2.5% | 5.9% | | Mag 7 Total | 44.1% | 54.0% | | Rest ofS&P 500 Index | 55.9% | 46.0% | Total 100% 100% Source: Capital IQ, First Trust Advisors. Data as of 9/30/25 . Although the S&P 500 Index gains have been significantly driven by the Magnificent 7, it is essential to also consider earnings. Over the past year, the Magnificent 7 have contributed 44.1% to the S&P 500 Index’s earnings growth and 54.0% to its price gain. In the past year, three of the seven companies have contributed more to the overall Index’s earnings growth than to price growth, while four have contributed more to price growth than earnings growth. For example, Amazon accounted for 10.6% of the S&P 500 Index’s earnings growth over the past year but only 3.9% of its price gain. On the flip side NVIDIA, while making up 19.5% of the price gain in the past year has made up a smaller 14.3% share of earnings growth for the S&P 500 Index. Percentage ofS&P 500 Index Members Outperforming the Index in 2025 80% 70% 60% 50% 40% 30% 20% 10% 0% | 3%
67%
% | | | | --- | --- | --- | | 6
61
54%
57%
% | 59%
56%
2%
2% | %
57% | | %
2%
2%
51
49%
45% | 49%
48%
47%
5
5 | 47%
51
3%
45%
46%
48% | | 40
4
4% | | 4
3%
37% | | 29%
31 | | 3
27%
28% | | | | | | | | | | | | | '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 In 2023, only 27%

FAQs

What were the S&P 500 Index returns in Q3 2025 and year to date through Q3?

The report states the S&P 500 Index achieved a total return of 8.1% in Q3 2025 and year-to-date gains of 14.8% through the first three quarters.

How much of the S&P 500’s first-three-quarters 2025 return was attributed to the Magnificent 7?

The Magnificent 7—Apple, NVIDIA, Microsoft, Amazon, Tesla, Alphabet, and Meta—held a combined 32.2% weighting and accounted for 41.8% of the index’s 14.8% total return over the first three quarters.

How does the report compare earnings growth contribution versus price gain contribution for the Magnificent 7?

It notes that over the past year, three companies contributed more to earnings growth than to price growth, while four contributed more to price growth than earnings growth, with examples such as Amazon and NVIDIA.

Oct 12, 2026

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