No Market Breadth, No Problem as Faangs Lift S&P 500 Higher
- Tech cushions benchmark’s drops as weight nears all-time highs
- Biggest inflation jump in over a decade seen as transitory
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Another day, another hotter-than-expected inflation reading -- and the stock market is sitting at record highs.
It wasn’t supposed to go like this. Rising consumer prices were assumed to act as a drag on the value of future earnings, particularly for the duration-heavy technology sector. But look below the S&P 500 Index’s top line and a different picture emerges: Megacap tech stocks are once again dominating and are accounting for nearly all the gains.