The writer is an FT contributing editor
The rise and rise of the S&P 500 has accompanied exceptional US economic growth. It’s tempting to see it as an expression of that.
But is the tide turning? Index price falls over recent days may turn out to be just a minor correction. But under the bonnet, the rest of the market has looked less stellar for some time.
In the first half of 2024 the largest 20 US-listed stocks delivered a 27 per cent gain and accounted for three-quarters of the total US market return of 15.3 per cent, according to JPMorgan.
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