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.
Source: CNBC - 🏆 12. / 72 Read more »