Other Market Undercurrents

The Equal Weighted S&P 500 (+3.4%) had its best month versus the S&P 500 Top 10 Index (-0.9%)since March 2025. Poor results coming from MSFT (-11%), AAPL (-5%), and Broadcom (-4%) dragged down the once bulletproof Top 10. The average stock in the S&P 500 has now outperformed the largest ten for three consecutive months, with David beating Goliath by 8.5% during that span.