The index’s 19.5% gain since March 30 is driven by a handful of AI and semiconductor stocks, raising concentration risks.
The S&P 500 extended its nine-week winning streak, rising 0.2% Friday to cap a 19.5% gain since March 30 and adding $11 trillion in market value. The rally is led by a small group of technology stocks, with Micron, Intel, and AMD surging 201%, 178%, and 163%, respectively, far outpacing the broader index.
Technology now accounts for 35% of the S&P 500, a higher concentration than in past rallies. Previous winning streaks featured more balanced sector participation, while current gains rely heavily on AI and semiconductor stocks. Manufacturing activity remains uneven, and consumer confidence has declined.
The narrow leadership raises concerns about sustainability if tech momentum falters, despite the index’s record run.