S&P 500 Hits Record High as Concentration Reaches 35-Year Peak Through May 15

US500500-0.16%
US500-0.16%
According to Jin10 citing UBS analysts, the S&P 500 and Nasdaq reached record highs in the six weeks through May 15, driven by AI optimism and strong earnings. However, the rally lacks breadth, with the bulk of gains concentrated in large-cap technology stocks. UBS highlighted that the performance gap between market-cap-weighted and equal-weight S&P 500 indexes reached its widest level in at least 35 years. The bank recommends investors reduce concentrated positions and manage concentration risk.
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