There’s been a dramatic shift in market leadership over the last month, with small- and mid-cap stocks the beneficiaries.
For months prior to May—nay, years—the dominant narrative on Wall Street was how a few megacap stocks were leading the market higher. It was just one month ago that MarketWatch noted that “a handful of [large-cap] stocks are driving almost all of the market’s gains.” The story quoted JPMorgan equity strategists saying “equity-market breadth by some measures is the weakest ever.”
That…
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