US equities are displaying remarkable resilience and steady upward momentum despite surrounding uncertainties.
The S&P 500 (SPX) completes 22 consecutive sessions without a drop of 1% or more, reports The Kobeissi Letter.
“The strength of this market is unprecedented.”
Volatility remains tightly contained with the VIX closing at or below 16 for 18 straight days.
Friday’s VIX reading hit 14.4, about 20% under its one-year average near 18.
Meanwhile, the market capitalization of the benchmark index has climbed by nearly $12 trillion from the March low and now sits just 1.5% shy of record-high territory.
“US stocks have been remarkably resilient.”
The news comes as Big Tech dominates the latest earnings season.
“The S&P 500’s total market cap has surged +$1.75 trillion since Q2 earnings season began on July 13th.
The Technology sector alone accounts for +$1.39 trillion of that gain, or ~79% of the total. Within tech, Microsoft (MSFT) and Nvidia (NVDA) added a combined +$1.42 trillion in market cap over this period.
By contrast, the other 71 stocks in the sector lost a combined -$22.3 billion.
Healthcare added +$345.2 billion in value, followed by Financials at +$192.7 billion and Energy at +$174.7 billion.
On the other hand, Communication Services lost -$299.6 billion, followed by Utilities at -$88.5 billion and Industrials at -$67.3 billion.
Big Tech has never been bigger.”
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