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
The impressive part is that tech is doing this with the ten year above five and without multiple expansion. The uncomfortable part is that almost every other sector has stopped helping.
Sep 25, 2026 Β· 5:07 PM UTC
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