S&P 500 nears record as narrow tech rally masks broad market weakness
The S&P 500 is trading within 0.44% of its all-time high, but this rally is driven by a narrow group of technology and semiconductor stocks. MarketWatch reports that 52% of index members are trading below their 200-day moving averages, a level of narrowness not seen since the dot-com peak. CNBC highlights that 30 stocks hit 52-week lows while only seven reached new highs on Monday, a dynamic last seen in December 1999. Investing.com notes that BTIG’s Jonathan Krinsky warns of '2000-like signals,' citing widening dispersion in the Philadelphia Semiconductor Index and a divergence between the S&P 500 and the KBW Bank Index. While the Nasdaq Composite surged 2% to a record, the broader market shows signs of stress, with nine of 11 S&P 500 sectors falling over the past month.