S&P 500's 23 Record Closes Mask Deteriorating Breadth: New Lows Outpaced New Highs by May

On May 13, 2026, the S&P 500 posted 37 new 52-week highs against 46 new lows; the Nasdaq Composite recorded 119 highs versus 191 lows. This divergence emerged even as the index notched 23 record closes and crossed 7,600 for the first time in 2026. Fewer stocks participating in a rising index is a classic late-cycle warning that the rally's foundation is narrowing.