Stock market seeing 'narrowest' rally since 1999 thanks to AI-led tech surge

With market commentators whispering about potential bubbles, a look at how much the S&P 500 index’s 2023 rally has been driven by surging technology shares might be a bit unsettling for some.

As... With market commentators whispering about potential bubbles, a look at how much the S&P 500 index’s 2023 rally has been driven by surging technology shares might be a bit unsettling for some. As the chart above from Deutsche Bank shows, the tech-led surge has seen the S&P 500 SPX , which is weighted according to market capitalization, lead an equal-weighted version of the large-cap benchmark. Through Thursday, the S&P 500 was up 8.1% in 2023 versus a 1.2% fall for the equal-weighted measure, an outperformance of 9.3 percentage points. That’s on track for the largest margin since a 9.3 percentage point beat over the full year in 1999 and the 16.

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