S&P 500 produced just 42 new highs across 500 stocks on July 16

On July 16, the S&P 500 recorded 42 new 52-week highs against 2 new lows, per Reuters. The Nasdaq Composite logged 197 highs and 155 lows. For investors in passive index funds, returns may reflect a handful of mega-cap names rather than broad market health. The Magnificent Seven have "quietly coming back to life," MarketWatch reported.