Is Wall Street’s narrow breadth alarm overblown?

[Trading charts background] da-kuk/E+ via Getty Images Investor angst over the U.S. stock market's (SPY [https://seekingalpha.com/symbol/SPY]) (VOO [https://seekingalpha.com/symbol/VOO]) narrow breadth is largely misplaced because top-heavy returns are historically standard and mega-cap tech giants (MAGS [https://seekingalpha.com/symbol/MAGS]) (MGK [https://seekingalpha.com/symbol/MGK]) actually encompass hundreds of underlying businesses, according to Bloomberg senior ETF analyst Eric Balchunas. The five largest S&P 500 stocks matched [https://seekingalpha.com/news/4651817-sp-500s-top-five-stocks-match-market-cap-of-bottom-434-batnick-says] the combined market value of the index’s bottom 434 companies.