Stocks Surge as Rally Broadens Beyond Mega-Caps
-
After a correction from August-October 2022, the market has been on a tear, with the S&P 500 up 35.3% since its October low.
-
Technology and mega-cap stocks led gains last week, though their dominance is slipping as participation broadens.
-
Semiconductor and software stocks drove technology sector gains. Utilities, energy, and real estate lagged.
-
The VanEck Semiconductor ETF (SMH) was the top performing ETF last week, gaining 8.2%. Rare earth metals and solar ETFs struggled.
-
As leadership broadens beyond mega-caps, the durability of the market rally is enhanced. This bull run may not be over yet.