Breadth is back in the S&P 500.
The equal‑weight S&P is off to one of its strongest starts versus the traditional cap‑weighted index in decades, meaning the average stock is finally outperforming the mega‑caps.
That suggests leadership is broadening beyond a handful of AI giants and into the rest of the market—cyclicals, industrials, and other “old economy” names. For investors, it’s a reminder that diversification across the full market, not just the biggest tickers, is starting to matter again.