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This Stock Market Indicator Is The Weakest It’s Ever Been—And Other Warning Signs Are Flaring

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The “extreme concentration” in stocks right now supports a “bearish outcome for the market,” JPMorgan is warning.

releases from Microsoft, Meta and Google parent Alphabet, the S&P 500 and tech-heavy Nasdaq have jumped about 2% and 3% since Tuesday, respectively—tacking on to a rally that’s seen the Nasdaq surge 17% this year.

For one, the market value of the S&P’s two largest stocks, Apple and Microsoft, commands some 14% of the index’s value as a whole—the most ever in history; meanwhile, the ten largest stocks are responsible for nearly 90% of the S&P’s return this year—also the most ever.

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