Weekly Market Update: July 29, 2024
07/29/24
Market Breadth Continues to Improve Despite Headline Index Volatility
The S&P 500 Index declined 2% for the first time in more than a year on Wednesday. The sell-off was ostensibly sparked by disappointing earnings from market heavyweights Tesla and Google parent Alphabet. As we have discussed, the equity market rally may be broadening following an extended period of concentrated returns, as market internals on Wednesday were better than the headline decline might suggest. Expanded market breadth is generally supportive of a longer-term bull market but rotation out of select mega cap stocks may create near-term volatility and draws parallels to the dot-com era.
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