S&P 500 Breadth Broadens with Six Sectors at 52-Week Highs
• Six S&P 500 sectors hit 52-week highs simultaneously, which is fairly uncommon based on data since 1990 • Market breadth has strengthened in past weeks after narrow leadership for much of 2023 • Handful of mega-cap "Magnificent Seven" stocks drove earlier S&P 500 gains • Historically, short-term returns weaker but longer-term in line after majority of sectors at highs • Seven of eleven S&P 500 sectors up year-to-date; consumer staples, energy, utilities, healthcare down