$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$
The S&P 500 is trading near record highs on the headline level, but roughly 60% of its constituents are down over 20% from their all-time highs. Mega-cap concentration is masking underlying weakness, with most individual stocks still lagging behind their historical peaks.
The Nasdaq 100 is being held within striking distance of record highs by heavy tech and semiconductor weightings. Lower-tier components, though, remain suppressed 15% to 30% below their individual peaks as sector consolidation continues.
Russell 2000 small caps sit substantially further from all-time highs compared to large-cap benchmarks. A high percentage of index components are trading near multi-year lows, weighed down by elevated financing costs and uneven domestic earnings.
Overall, the major large-cap indexes are being propped up by concentration, while broader participation stays bifurcated.
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