Wall Street Journal

AT&T announced it had completed its $85.4 billion acquisition of Time Warner. The Justice Department still has 60 days from the date of the ruling to file an appeal, even if the companies close the merger, and such a filing remained a possibility. There was a time limit on when the government could seek an injunction, because the merger agreement between the companies expires on June 21. If an injunction had been granted, the companies would have had to extend the date or AT&T would have had to pay Time Warner $500 million in what is known as a reverse termination fee.

As the race to become the first company worth $1 trillion enters the final lap, technology monopolies are dominating the stock market. The five biggest companies by market value are US tech stocks: Apple, Amazon, Alphabet, Microsoft and Facebook. Between them they accounted for more than a third of the $2.7 trillion increase in value of the S&P 500 in the past 12 months. Worse, the top five now make up more than 15% of the S&P, the most for any top five since early 2000. Is it time to worry that the market is getting top heavy?