The performance gap between the cap-weighted S&P 500 — tracked by theSPDR S&P 500 ETF Trust(NYSE:SPY) — and its equal-weighted sibling, theInvesco S&P 500 Equal Weight ETF(NYSE:RSP), has blown out to over 4 percentage points in December.
This marks the widest monthly gap since May 2023, reflecting how a narrow group of stocks is shouldering the market's returns in the last month of the year.
As of Dec. 17, only 90 out of 500 stocks in the S&P 500 are in positive territory month-to-date, a shockingly narrow market breadth.
ExcludingNvidia Corp. (NASDAQ:NVDA), all of...
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