The S&P 500 is up nearly 8 per cent this year, but unease around the underlying strength of the rally is almost palpable. People really bloody hate it, basically.
JPMorgan’s equity analysts are among the haters. They estimate that the breadth of the US equity rally is “by some measures is the weakest ever”, with the narrowest leadership in a rising stock market since the 1990s.
Microsoft and Apple alone are behind about 2.3 per cent of the S&P 500’s gain this year and now account for a record 13.4 per cent of the index — the most ever for the top-two stocks.
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