News Summary

• Since second-quarter earnings season began on July 13, the S&P 500 has added $1.75 trillion in market value.
• Nearly 80% of that gain came from the technology sector.
• But virtually all of the sector’s advance came from just two companies: Microsoft and Nvidia.
• A Rising Index Can Hide A Weak Market.
• Concentration Raises The Stakes For Investors.
• The risk isn’t that these are bad businesses; it's that the market is increasingly dependent on them remaining nearly flawless.