Weekly Market Commentary

5/30/23 HOW MUCH OF A PROBLEM IS CONCENTRATED LEADERSHIP?

Adam Turnquist, CMT, Chief Technical Strategist
Jeffrey Buchbinder, CFA, Chief Equity Strategist 

The mega-cap technology companies have powered the broad market higher this year. In fact, the 8.1% gain in the S&P 500 year to date has been driven entirely by six mega-cap stocks: Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), Meta (META), Amazon (AMZN), and Alphabet (GOOG/L). Is this narrow leadership a problem for stocks looking forward? We try to answer that question. 

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