The S&P and the Nasdaq both closed at record highs last week, led of course, by technology. Will this narrow leadership continue?
Apple helped propel stocks to record highs last week as it jumped more than 8%, which is incredible given the size of the company and lack of new news. Apple is now exceeding two-trillion in market value. This narrow leadership have some concerned about the durability of this move higher in the S&P as the “Big Tech 5” Apple, Amazon, Alphabet, Microsoft, and Facebook now make up a quarter of the S&P 500 - but with news that the FDA issued an emergency use authorization on a Covid treatment that uses blood plasma donated by people who have recovered from the coronavirus, could we see a more broadening out in market performance?
So, for the week ahead, let's keep an eye on what is happening under the surface. Let’s see how the different sectors perform, how the growth and value style perform, and how large cap and small cap stocks perform. Do we see more of a value tilt given the Covid treatment news or is it more of the same?
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