The story of stocks in the first half of 2024 is unambiguously sparkly. The US benchmark S&P 500 index is up around 15 per cent. Its tech-heavy cousin the Nasdaq Composite has climbed even further. Most of Europe is having a decent run, including even the UK , and Chinese stocks have finally stopped bleeding out.
“The dramatic outperformance of a small handful of stocks at the very upper end of the market capitalisation spectrum has greatly flattered index-level performance among cap-weighted indexes,” wrote analysts Liz Ann Sonders and Kevin Gordon at the retail broker. “There has been a tremendous amount of churn and rotational corrections occurring under the surface.” This is the glitter in action.
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