While the S&P 500 and NASDAQ 100 hits fresh ATHs yesterday, overly concentrated market leadership remains a concern. Just six and a half months through 2024, nearly 70% of the S&P 500 is underperforming the market cap-weighted index. Such narrow leadership - along with performance not coinciding with fundamentals - prompts further comparisons to the early 2000’s tech bust.
Market leadership continues to narrow