This entire market is currently being carried by tech stocks.
Look at sector performance over the last month:
Tech: +8.14%
Industrials: -5.7%
Financials: -6.3%
Materials: -7.3%
Real Estate: -8.1%
Utilities: - 8.9%
But tech is growing earnings at such a rapid rate that the valuation multiple of the market has actually declined in 2026, despite the fact we're up double digits.
26
25
196
15,363
Tech carrying the entire market on its back while every other sector bleeds is the definition of a dangerously narrow rally. Earnings are doing the heavy lifting now, but multiple compression is lurking. @RitadeCSB always nails the real breadth of this market better than anyone.
Sep 25, 2026 · 5:06 PM UTC
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