A funny thing happened to the bull market that was supposedly driven by only a handful of stocks. The S&P 500 is actually lagging its equal-weight counterpart through the first eight months of 2026.
The S&P 500, with dividends reinvested, is up 13% year to date through August 28. The main benchmark for U.S. equities is, of course, weighted by market capitalization, meaning that larger stocks have more influence on the direction of the index than smaller ones.
