More Stock Indexes Approach Record Highs as Rally Broadens Beyond Big Tech
• Two more U.S. stock indexes, the S&P 400 MidCap and the equal-weighted S&P 500, are set to reach record highs, showing the rally is broadening beyond big tech stocks • This comes after the S&P 500 and Nasdaq already notched multiple record highs in 2023, driven by AI and tech stocks • Broader participation is seen as positive sign for bulls, with more "horses pulling the wagon" compared to just a handful of tech giants • Equal-weighted S&P 500 lagged cap-weighted version in 2022 due to less exposure to high-flying megacaps like Nvidia and Tesla • Analysts think market needs to keep broadening for the S&P 500's momentum to continue after a 21% four-month surge