Microsoft has been running really strong over the past month.
What's interesting is just how concentrated the moves have been. A handful of names basically did the heavy lifting for the S&P 500:
$Microsoft(MSFT)$ : +26.2% — 119 points
$NVIDIA(NVDA)$ : +8.8% — 64 points
$Amazon.com(AMZN)$ : +14.3% — 55 points
$Broadcom(AVGO)$ : +16.0% — 41 points
$Alphabet(GOOGL)$ : +4.9% — 16 points
When you look under the hood, the rally is a lot narrower than the headline index numbers suggest.
To me, that just reinforces the same story — this market is still being carried by mega-cap tech. The weight these names have in the index is something you really can't ignore.
Comments