Breadth 2026-06-05
Fewer and fewer stocks are carrying the rally
The typical S&P 500 stock is up just +5.7% so far this year — far less than the index itself, which a handful of giants are pulling higher. More than 4 in 10 S&P 500 stocks now sit below their long-term trend, so the advance is leaning on a shrinking group of names rather than the broad market. Underneath, the leaders are changing hands: energy, tech, materials, household staples and utilities have started to slip, while industrials, real estate and healthcare are quietly turning up. A rally this narrow usually needs fresh leadership to broaden it — or it eventually thins out.
Sectors 2026-06-05
Leadership is rotating out of the old winners
The groups that led this year are losing steam: energy, tech, materials, household staples and utilities have slipped below their short-term trend even though they remain above the long-term one — the first sign a leader is tiring. At the same time industrials, real estate, healthcare and banks and financials now trade above their short, medium and long-term trends together, the look of money quietly moving in. When leadership changes hands like this, the next leg of the market often looks very different from the last one.
Breadth 2026-06-05
New highs are outpacing new lows
Across the S&P 500, 18 stocks are sitting at fresh one-year highs while 6 have just made new one-year lows. More names making new highs than new lows tells you the strength is reasonably broad — a healthier backdrop than a market carried by only its biggest stocks, and the kind of participation that tends to keep a move going. It is one of the simplest, oldest reads on whether a market move has the troops marching behind it.