Record share of S&P 500 stocks underperform in 2023 in 'hottest market in decades'

New York, December 31 (IANS). 2023 is set to close at a new record high. Unfortunately for stock pickers, many of the index's components remain well below their highs from January 2022, MarketWatch reports. A huge split has occurred, resulting in what eToro's Kelly Cox recently described as “the strangest looking bull(market) in decades.”

Both Cox and Apollo's Torsten Slok are closely tracking the stakes of S&P 500 SPX members who are underperforming the index.

At 72 percent, the share of S&P 500 underperformers is on track to hit a record in 2023, Slok said in emailed comments.

Of course, these differences are nothing new.

The so-called “bad situation” in the US stock market has been a hot topic on Wall Street for almost a whole year, MarketWatch reports.

Many analysts have worried that the U.S. market has become too overweight, as a handful of megacap stocks, which CNBC's Jim Cramer and a group of analysts dubbed the “Magnificent Seven”, have propelled by the artificial-intelligence boom. Almost all the gains of the index have been reduced.

–IANS

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