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.
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Replying to @dividendology
One number captures it: the gap between the cap-weighted S&P 500 and its equal-weight version. With the top 10 names near 40% of index weight, record concentration, the index can rise while the median stock falls, as those sector lines show.

Sep 26, 2026 · 11:12 AM UTC

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