Tech Giants Fuel S&P 500 Gains, ButStretch Valuations Raise Concerns

Just 5 stocks (Nvidia, Meta, Amazon, Eli Lilly, Microsoft) have contributed over 6% of the S&P 500's 7% gains in 2024 so far
These 5 stocks make up nearly 20% of the index, so their outsized gains greatly impact overall performance
Nvidia and Meta's huge gains (79% and 40% respectively) account for over half the S&P 500's rise
Valuations are stretched after years of gains, so market may struggle to sustain this concentration of performance
Focus on long-term investing thesis and goals rather than chasing hot trends for quick profits