The S&P 500 sits within half a percent of a record closing high, but more than half its member stocks are lagging their own long-term trend. A small group of hyperscaler and semiconductor names is doing most of the work behind the index's recent climb.
The S&P 500 closed Tuesday just 0.44% shy of a record closing high. As of that same close, 52% of individual member stocks were trading below their long-term 200-day moving average, meaning most of the index's components aren't participating in the move toward new highs.
Instead, the recent gains trace back to a handful of stocks. Hyperscalers like Meta and semiconductor names like Micron Technology have been doing much of the heavy lifting behind the index's advance, according to the report — even as most other moving average-lagging members sit outside the rally.
Source: MarketWatch.com (snippet-based)
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