Last week we said, “just as the expansion of breadth and rotation out of mega-cap tech became all the rage, that contingent has roared back to the top of the leader board” and it was more of the same this week. Last week the S&P 500 was able to extend it’s winning streak to three weeks but most other major indices closed down ~1%. That winning streak came to an end following a round of hotter than expected inflation data which sent Treasury yields higher. The S&P 500 closed down 0.6% for the week but those losses would have been much worse if not for big gains in some of the mega-cap tech stocks. The equal-weight version of the index and S&P 400 midcap indexes were down >1.5% while the Russell 2k fell 2.5%.

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