S&P 500 New Highs Narrow to 42, Raising Breadth Concerns

On July 16, the S&P 500 posted 42 new 52-week highs versus just 2 new lows, per Reuters. The Nasdaq Composite saw 197 highs and 155 lows. That lopsided tally suggests index returns may hinge on a few mega-cap stocks — the Magnificent Seven, which MarketWatch says are "quietly coming back to life" — rather than broad participation.