‼️US stock market has been driven by just a handful of stocks
Only 31% of the S&P 500 firms have outperformed the index year-to-date.
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Only 31% of the S&P 500 firms have outperformed the index year-to-date. In other words, 31% of companies gained more than 27% and 69% have had a return lower than that.
This also marks the second straight year with such a low participation after 29% recorded in 2023. Over the last 70 years, this happened only once, in the 1998-1999 Dot-Com Bubble.
To put this into perspective, the long-term average of this metric has been ~50%.
This means the overall stocks' participation in the S&P 500 rally has been pretty weak. To put this differently, less than a one-third number of companies have been driving the market gains.
Stock market concentration has rarely been greater. More on this topic in the below articles:
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