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The stock market took a narrow road to record highs last month

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Nvidia Stock News

Stock Market,Tech Stocks,Narrow Market

The stock market reverted back to its 2023 ways in May with six large tech stocks accounting for the majority of the gains in the S&P 500.

"We're seeing a relatively narrow market, and that narrowness has been increasing recently and really driven by fewer stocks," BMO Wealth Management US Chief Investment Officer Yung-Yu MaParticipation from the other 493 stocks in the S&P 500 had been a feature of runs toward record highs in the last six months, including late 2023 andIn May, the S&P 500 rose about 4% while the equal-weighted index was up less than 2%.

Ned Davis research chief US strategist Ed Clissold wrote in a note to clients that "several market breadth indicators" haven't followed the recent rally higher. Nvidia logo is seen during Impact'24 congress in Poznan, Poland on May 16, 2024. In a note to clients on Monday, RBC Capital Markets head of US equity strategy Lori Calvasina called this recent action a "sudden stall" in the rotation trade, citing a few catalysts giving investors reason for concern.has been most impressive for that group as well, with earnings being revised higher for large-cap tech stocks in recent weeks, Calvasina noted.

Cathie Wood's ARK Invest missed out on more than $1 billion in returns by selling Nvidia stock too early

 

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