It's no secret that market leadership has become more concentrated over the years, but this is ridiculous. Bank of America strategists think one specific stock could hold the key to whether the tough August on Wall Street is just temporary, or if it's the harbinger that the strong rally of 2023 is about to fade away. That one company is Microsoft , the behemoth with the $2.35 trillion market cap and, it seems, a position in the driver's seat on where the market goes next.
line Microsoft as market leader That's why it holds such a pivotal position in determining how things go from here. Hartnett goes so far as to compare the stock to Yul Brynner in "The Magnificent Seven." For those not up on their 1960's cinema, Brynner played Chris Adams, leader of a band of gunfighters hired to protect a Mexican village from bandits. Considered a classic of the Western genre, the movie has a bittersweet ending.