S&P 500 Hits New High Amid Extreme Divergence, Bank of America Warns US Stock Market May Be Near End of Bubble
Odaily reported that the S&P 500 Index reached a record closing high on the last trading day of May, but only a few constituent stocks simultaneously hit new highs, mostly concentrated in the artificial intelligence sector. This has raised concerns over structural imbalance in the market. Analysts point out that although the index continues to set new records, gains are mainly concentrated in a handful of heavyweight technology stocks, with the degree of market divergence approaching historically extreme levels, possibly indicating that potential risks are accumulating.
Data shows that last Friday, only 20 S&P 500 constituent stocks reached all-time highs, with just 7 of them unrelated to artificial intelligence. Bank of America strategist Michael Hartnett noted that this phenomenon is highly similar to the peak of the internet bubble in 2000, when about 20 stocks also hit new highs.
In his latest report, Hartnett warns that current market speculation continues, but given the backdrop of high interest rates and global central bank tightening policies, a turning point may be approaching. He advises investors to gradually shift toward defensive asset allocations.
May's U.S. stock market gains were mainly driven by the semiconductor sector—Micron Technology jumped 87.8%, AMD rose 45.6%, Samsung climbed 43%, and SK Hynix soared 81%—which pushed the Nasdaq Index up 25% from April to May, marking the best two-month performance in over twenty years. (Golden Ten Data)
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