Stocks are sitting at record highs, but under the hood, it's the AI megacaps driving the gains. The rest of the market is flat or lagging. "The breadth of the rally has narrowed," UBS's Ulrike Hoffmann-Burchardi warned on Tuesday. The strategist noted that the percentage of US stocks trading above their recent price trends has fallen to levels last seen in March, a sign that fewer stocks are participating in the rally. The trend has been gaining steam over the past month. At the end of last quarter, just 25% of S&P 500 constituents were currently trading above their 50-day moving average, according to Citadel research. While the S&P 500 (^GSPC) gained 2% in Q3, the S&P 500 Equal Weight fell 2%, and the Russell 2000 (^RUT) fell 7%.
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