Megacap earnings test broadening US stock market

The S&P 500 has stalled since its June peak, but beneath the surface, a rotation from megacap tech to healthcare and financials is underway. This week's earnings from Apple, Amazon, Microsoft, and Meta will test whether the market can sustain this broadening trend. The equal-weight S&P 500 has outperformed, signaling broader participation, though the Magnificent 7 still dominate index weighting.