The S & P 500 made a new record high, its 25 th of the year.
And on the surface, there is a stolid calm that suggests a system in comfortable equilibrium, the market achieving a kind of homeostasis.
Four of the past five days last week, the S & P 500 moved less than 0.2%.
The S & P 500 is up almost 2% since its closing peak at the end of the first quarter, perhaps the moment of maximum belief in a seamless soft economic landing.
Three stocks together now account for fully 20% of the S & P 500 market value, mocking the notion of diversification and dashing most active investors' hopes of beating the bogey.
Persons:
Keith Gill, Michael Mauboussin, Scott Chronert
Organizations:
Nvidia, GameStop, Apple, Microsoft, Federal Reserve, Investment, Morgan Stanley Investment Management, Fed, Citi, CPI
Locations:
rebalancing, U.S