Will the S&P 500 surge to 8,000 points? HSBC and Citi become more bullish,

But behind the impressive performance of the index, there is a deep-seated “structural imbalance” storyline: the S&P 500 Index has risen 8.4% so far in 2026, but according to research by the Citi strategists team, almost all of this year’s U.S. stock index gains have come from just a handful of mega-cap stocks. The technology sector accounts for as much as 37% of the S&P 500 Index, while its weight in the STOXX Europe 600 Index is only 6.3%.