Market News / Story
Is Wall Street’s narrow breadth alarm overblown?
Seeking Alpha ·
Seeking Alpha reports: Investor angst over the U.S. stock market's narrow breadth is largely misplaced because top-heavy returns are historically standard and mega-cap tech giants actually encompass hundreds of underlying businesses, according to Bloomberg senior ETF analyst Eric Balchunas. The five largest S&P 500 stocks matched the combined market value of the index’s bottom 434 companies. But market concentration is not a novel phenomenon. Over the past century, only 4% of U.S. stocks…