S&P 500 Hits New Highs on AI Leaders as Market Breadth Weakens; June Seen as Potential Turning Point

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According to BTIG analyst Jonathan Krinsky, the S&P 500 has reached new highs in recent trading, but gains are driven primarily by a small number of AI-led stocks, with broader market participation declining. Data shows the index has experienced a rare 6-day streak where closing gains occurred despite more stocks declining than advancing. Krinsky warns that if momentum in mega-cap stocks slows, even a recovery in mid-cap shares would struggle to prevent an index pullback, with June presenting a potential inflection point for the market.
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