A handful of stocks are driving market gains, raising concerns

The S&P 500 has moved close to record highs, but the rally has been narrow, with only a small group of stocks doing most of the work. While the index has risen in recent weeks, the equalweight version of the benchmark has fallen, suggesting weaker participation across the broader market. Traders and strategists say the divergence is a concern because the market could become vulnerable if the few leading stocks lose momentum. Some analysts also pointed to a growing number of stocks hitting 52week lows even as the main index trades near its peak. Technology and communication services have been the only sectors to post gains over the past month, and companies such as Intel, Skyworks Solutions and Meta Platforms have been among the strongest performers.