**A Narrow Market Beneath the S&P 500**

The **S&P 500** is near all-time highs, but almost half of its stocks are moving differently from the index. **Goldman** says the divergence resembles the Tech Bubble.

Market concentration is driving the gap. The **10 largest stocks account for around 40% of the S&P 500**, and many are benefiting from the AI boom. Their size can lift the index even as broader participation weakens.

The rest of the market is facing **higher bond yields, $100+ oil, a stronger dollar, and higher borrowing costs**. Record levels in the S&P 500 do not mean most stocks are performing well.

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