Wall Street’s rebound since late March has been driven by the smallest number of stocks on record, pushing US market concentration to an all-time high and prompting warnings about the “fragility” of the rally.
The S&P 500 index has soared more than 12 per cent since the start of April, when news of a ceasefire in the Middle East war sparked a storming rally, propelled largely by a handful of Big Tech stocks.
Analysts at UBS said that a measure of how many stocks were materially contributing to the index’s performance — so-called “effective constituents” — hit a record low of 42 last week, far below the level of about 100 that has been typical in recent decades.
您已阅读17%（667字），剩余83%（3288字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。