Despite various uncertainties, US equities continue to demonstrate remarkable resilience and maintain a steady upward momentum.
The Kobeissi Letter reports that the S&P 500 (SPX) has gone through 22 consecutive sessions without a drop of 1% or more.
“The strength of this market is unprecedented.”
Volatility remains low with the VIX closing at or below 16 for 18 consecutive days, hitting 14.4 on Friday.
The market capitalization of the benchmark index has increased by nearly $12 trillion from the March low, approaching record-high territory.
“US stocks have shown remarkable resilience.”
Big Tech has dominated the latest earnings season, with the total market cap of the S&P 500 surging by $1.75 trillion since the beginning of Q2 earnings season.
Technology sector alone contributed $1.39 trillion to this gain, led by Microsoft (MSFT) and Nvidia (NVDA).
Healthcare, Financials, and Energy sectors also saw significant gains in market cap.
On the other hand, Communication Services, Utilities, and Industrials experienced losses in market cap.
Big Tech continues to grow exponentially.
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