US stock market: When calm masks concentration
At first glance, the US equity market appears steady. The S&P 500 has moved broadly sideways over the past three months, suggesting consolidation after a strong run. Yet, beneath that calm surface, a meaningful rotation is under way, one that carries parallels with the year 2000. For a more complete summary of the story, please see the below link:
Published on: Feb 20, 2026 06:58 PM