Just a few stocks are behind the market's recent resilience. A real concern or routine rotation?

After Friday's 0.8% lift, the S & P 500 is just a sliver below its Feb. 2 year-to-date high. Yet since that date, Microsoft , Apple , Nvidia and Meta Platforms have collectively added some $800 billion in market value, meaning the other 496 stocks together have in aggregate shed a bit more than that. .SPX YTD mountain S & P 500 YTD The same dynamic is happening at the sector level, too.

" Yes, reliance on the anointed Nasdaq giants could turn tough should they get overstretched and pull back sharply. Market ignoring recession? But this split market is also a decent rejoinder to another popular complaint, that the tape is somehow ignoring the shadow of recession risk because the S & P 500 has been hovering near multi-month highs and fetches 18-times forward earnings forecasts.

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Tech earnings calls show mega-cap companies going big on A.I. as they cut costs elsewhereIn their calls with analysts this week, Alphabet, Microsoft, Amazon and Meta emphasized their hefty investments in large language models.
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