The S&P 500's year-to-date gains have been driven by just eight stocks, while the other 492 stocks in the benchmark index have fallen as a group in 2023, signaling the banking turmoil isn't over yet, Jim Bianco said.
However, Bianco suggested the index's gains aren't cause for celebration as only eight stocks are behind its progress. These include FAANG stocks – an acronym for five mega-cap US tech companies: Facebook, Amazon, Apple, Netflix, and Google.
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Stock market news: S&P 500 hits 3-week high as bank fears easeUS stocks jump as traders put bank crisis behind them and brace for more inflation data It's encouraging to see the progress already made in putting the bank crisis behind us, and exciting to anticipate more inflation data!
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