Narrow leadership everywhere

The S&P rose 5.26% in May, the Nasdaq 8.43% — but the gains were carried by a handful of names, "leadership narrowing" even as indices climbed. *Concentration is the through-line of the season: a few chip names hold the market, a few chokepoints hold the oil, a few platforms hold the gaze. Breadth is what everyone says they want and what nothing currently has.* ---