The S&P 500 notched two new highs last week, continuing a strong uptrend since October 2022, despite macroeconomic uncertainties.
Tech and high-beta stocks led the rally, while defensive sectors like Consumer Staples and Utilities lagged; growth outperformed value.
Investors rotated out of foreign markets, REITs, and gold, favoring NASDAQ, blockchain, crude oil, and cyclical equities over the past two weeks.
Valuations are approaching 1999 levels, raising caution about future returns as richly valued stocks may not sustain recent performance highs.
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