- Wall Street's major averages advanced during the week ended September 25 while Treasury yields surged and real estate stocks slumped, with capital rotating into technology.
- Rising bond yields pressured rate-sensitive real estate equities even as the headline S&P 500 index pushed higher.
- The S&P 500's return to near-record territory has been powered by an unusually small number of stocks.
- Market breadth is thinner than at any time since the dot-com peak, concentrating index-level risk in a handful of leaders.
Quotes
“Wall Street's major market averages advanced during the week ended September 25 while Treasury yields surged, oil and gas markets remained in focus, and President Xi Jinping and President Trump wrapped up their summit.”
“The S&P 500's latest trip back to near-record territory has been powered by a surprisingly small number of stocks.”