There’s a problem with the stock market’s latest moves to record levels: most stocks aren’t participating. BTIG chief market technician Jonathan Krinsky highlighted Monday that, while the S & P 500 hit all-time highs on Friday and Monday, overall breadth was lackluster. Put another way, the number of New York Stock Exchange-listed companies that closed higher on Friday outpaced decliners by 369. On Monday, decliners actually outnumbered advancers. “That is the only time in at least the last decade when SPX logged consecutive gains of 0.75% or more, yet NYSE breadth failed to have at least 370 net advances on either of those days,” Krinsky said in a note to clients. “The closest comp was Jan. 19th-20th, 2021 when SPX had back to back gains of 0.81% and 1.39%, while NYSE A/D line was +390 and +399. SPX then fell -4.3% over the next seven trading days.” .SPX 1M bar SPX 1-mo The S & P 500 ended Monday’s session at 6,875.16, its first-ever close above 6,800 — as trade tensions eased and investors continued to pile money into stocks tied to the development of artificial intelligence. Advanced Micro Devices is up 62% over the past month, while Alphabet and Nvidia are higher by 9% and 7%, respectively. The problem is that the market’s gains are overly concentrated in that small group of stocks, meaning the market rally could be in danger if those leaders falter. The Invesco S & P 500 Equal Weight ETF (RSP) gained just 0.4% on Monday, while the S & P 500 popped 1.2%. “An odd day internally given the index moves but looking at the charts of a few of the bellwethers heading into earnings, it’s the kind of action that likely persists,” wrote Wolfe Research strategist Rob Ginsberg. Stock futures pointed to the S & P 500 hitting another record on Tuesday, but if breadth doesn’t improve, it could be short-lived. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
Something’s not quite right about this latest market advance
Oct 28, 2025
