Prepared for you by Randy Dunham
October 8, 2026
THE PRINT
Technology is doing the heavy lifting for the S&P 500.
THE CHART(S) / DATA
The chart above shows the recent divergence between technology and the rest of the S&P 500. Without technology, the S&P 500 would be down over the past couple of months.
There are two ways to look at concentrated leadership:
The market is on shaky ground because only one group is doing the heavy lifting.
It doesn’t matter if there’s only one leadership group. Those are the best players on the field, so of course they are doing the heavy lifting.
I see the argument from both sides, but one thing is clear: technology has been a major driver of S&P 500 gains over the past couple of months. And it isn’t just the Magnificent Seven stocks either.
Looking at the full year, the median tech stock is actually doing pretty good:
Note: I’m using the median because a few extreme winners skew the average (SNDK up more than 600% YTD, DELL up more than 350%, etc.) The average tech stock is up 52.7%.
Takeaway: No matter how you view it, technology is the clear leader in the market right now. The sector has been a major driver of recent S&P 500 gains, and the strength extends beyond the largest names.
THE TAPE
THE HIGHS AND LOWS
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Material, data, and information in this newsletter are for informational purposes only. This is not tax, legal, or investment advice, and does not constitute a suggestion, solicitation, or offer to buy or sell securities. TTI believes this information is reliable but does not warrant its completeness or accuracy.
I’m still amazed at how technology has managed to keep driving things forward like this for so long