Big tech is rallying again, and the rally is doing an effective job of hiding what sits underneath it. The national debt is climbing toward $40 trillion. The median existing home costs roughly $398,000 against a median household income near $84,000, a ratio that hasn't looked normal in decades. And the headline number on the S&P 500 keeps flattering a market where a small group of megacaps is doing most of the lifting.
That gap between what the index says and what the economy feels like is the story investors keep skipping past. Strip out the Magnificent Seven, and the rest of the index tells a much quieter story.
