Fewer stocks are carrying the market than at any time since the dot-com peak

The recent surge in the S&P 500 to near-record levels is being driven by a remarkably small group of stocks, a trend not seen since the dot-com bubble era. This phenomenon highlights a potential imbalance where a few mega-cap companies dominate market movements, overshadowing the broader market's performance. Such concentration raises concerns about market stability and the risk of economic exposure being concentrated in the hands of a few corporations, potentially leaving the rest of the market vulnerable to downturns. This shift underscores the need for careful scrutiny of market dynamics and investment strategies.