S&P 500 Gets Back In Gear With The Median Stock

by | Jul 25, 2023

Price action is bullish even as more central banks raise rates

Key Takeaway: Year-to-date gains in the S&P 500 have been fueled by remarkable strength out of the largest stocks. Zooming out to early 2022 shows that it’s the index itself (and its mega-cap drivers) that have just now caught up to the median stock in the S&P 500.

More context: The median stock spent the first five months of this year consolidating the move off its 2022 lows. The mega-caps were the laggards and coming into this year, the S&P 500 was still 20% off its high while the median stock in the index was only in a 13% drawdown. Now the megas have caught up to the median and the move toward new recovery highs has resumed for the index and beneath the surface.

Paid subscribers can access this entire post.

Request More Info

Want to learn more about our market insights, portfolio applications, and other bespoke services?