S&P 500 enters June near a record but with growing concerns about the market's narrow leadership

The stock market is not a democracy. But observers nonetheless like to warn in grave tones that a lack of broad participation by the majority of constituents can create a leadership crisis. Yes, investors are back to worrying about the relative narrowness of the latest phase of the indexes' advance. The S & P 500 is a mere 1.2% from its all-time high, yet only 60% of its member stocks are up for the year and just over 40% last week were above their 50-day moving average. .

The Dow, of course, lacks Nvidia. One can decide whether such a concentration of energy and capital in a single name is a good thing, a dangerous thig, or just something that is. For sure, the excitement around Nvidia and a small number of direct AI and industrial infrastructure-buildout beneficiaries reflects a current scarcity of strong fundamental conviction. Rates' impact Here's where the Treasury-yield factor enters.

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These S&P 500 stocks are cheap and well-liked by analysts heading into JuneSeveral stocks, including a mass-market beauty retailer and a major biotech company, may be selling at attractive valuations right now.
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