S&P 500 Hits New Highs But Rally Broadens Beyond Mega-Cap Tech

• S&P 500 has hit record highs frequently in 2024, raising worries of a bubble, but equal-weighted index recently hit record showing rally is broadening

• Some of the "Magnificent Seven" mega-cap tech stocks like Apple and Tesla have struggled recently, indicating more selective demand rather than speculative frenzy

• Share of S&P 500 stocks at all-time highs has risen, but still less than a third are at records, leaving room for more stocks to join rally

• Limited appetite for IPOs, with only 1 of 36 raising over $100M popping over 50% on first day; contrast with 1999 IPO frenzy

• Valuations of mega-cap tech stocks remain stretched but are well below peaks of the tech bubble in 2000