A handful of stocks now dominate US market trading: Nvidia, $NVDA, is the most actively traded stock in the US market, accounting for 3.0% of total market notional volume year-to-date. This is followed by Micron, $MU, at 2.8%, Tesla, $TSLA, at 2.1%, and SanDisk, $SNDK, at 1.5%. Together, the 10 most-traded stocks have accounted for an average of 16.4% of total market notional volume YTD. Meanwhile, some of these names have worse liquidity than the average S&P 500 stock, with SanDisk posting an average bid-ask spread of 12.4 basis points, more than double the S&P 500's 5.9 basis point average. Tesla, Microsoft, $MSFT, and Alphabet, $GOOGL, also have smaller average order sizes available at the best bid and offer than the typical S&P 500 stock, suggesting thinner liquidity despite their enormous trading volumes. A few stocks a driving a massive amount of market volume.
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