Rally Masks a Warning: 52-Week Lows Outpace Highs, Echoing 1999

Even as the Nasdaq rose to a fresh high and the S&P 500 climbed, breadth was weak with more S&P 500 stocks hitting 52-week lows than highs — a 1999-like signal that suggests the rally could be narrow and vulnerable if tensions persist, energy stays elevated, or the Fed keeps hiking.