Some of the biggest of these companies, such as Tesla TSLA.O and Facebook owner Meta Platforms FB.O, are also heavily weighted in the S&P 500 index. The S&P 500 surged some 114% from its March 2020 low as stocks benefited from emergency policies put in place to help stabilize the economy in the wake of the COVID-19 pandemic. That decline went into reverse at the start of 2022 as the Fed grew far more hawkish and signaled it would tighten monetary policy at a faster-than-expected clip to fight surging inflation.