Markets & outlook · Podcast

Charts of the Week: Dot-Com Déjà Vu, S&P is Near Highs, & Tech Breaks Market

For wealth professionals who track market breadth, concentration and index-level performance, the episode offers a structured look at divergence between mega-cap technology and the broader market. It also discusses breadth indicators and how to interpret marginal improvements in them.

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Summary

By the markets & outlook desk

This weekly chart-focused podcast episode examines a split market in which technology has diverged sharply from the rest of the S&P 500. The hosts discuss the collapse in correlation between tech and non-tech stocks, the weakness in the average stock while the index sits near highs, and what history suggests about such conditions.

Correlation between tech and non-tech stocks has fallen to roughly 3%, described as the lowest reading since 1999.
Technology has outperformed the rest of the S&P by as much as 47% over six months, the widest gap since the dot-com peak in March 2000.
The episode discusses why the average stock is weakening even as the index sits near highs.
Breadth indicators improved marginally, but the hosts say the readings were not necessarily healthy and they wanted sustained improvement.

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