A handful of stocks are driving almost all of the market’s gains.

 From the beginning of 2023 through Friday, the 10 largest U.S.-traded stocks have accumulated roughly $2.5 trillion in market value. 

That’s more than the market-capitalization increase of the entire S&P 500. The list of the 10 biggest stocks includes many technology names that were once members of the “FAANG” or “FAAMG” baskets.

Through Friday, the S&P 500 has closed above its 200-day moving average for 34 consecutive sessions. Despite these gains, only 47% of S&P 500 components were trading above their 200-day moving averages — an unusually wide divergence over the past few decades,

https://www.marketwatch.com/story/what-does-weak-stock-market-breadth-mean-for-your-portfolio-heres-what-one-wall-street-analyst-found-e519904a

FANGs eight companies — Apple Inc., Amazon.com Inc., Alphabet Inc., Meta, Microsoft Corp., Netflix Inc., Nvidia Corp. and Tesla Inc. — have accounted for all the S&P 500’s growth this year. 

The other 492 stocks are down slightly

https://englundmacro.blogspot.com/2023/05/valuations-in-us-are-much-worse-than.html