The wealthiest 10% own 93% of the stock market

Data: Federal Reserve; Chart: Axios VisualsThe wealthiest 10% of U.S. households now own nearly 93% of the stock market. Why it matters: This stat — which we first spotted in the FT — is a crucial bit of context to keep in mind amid the heavily hyped surge of smaller retail investors who flocked to the stock market during and after the COVID crisis.Details: While it's true that…