Record S&P 500 Closes Mask a Narrowing Rally

On May 13, 2026, the S&P 500 notched 23 record closes and crossed 7,600 — yet new 52-week lows (46) outpaced new highs (37). The Nasdaq showed the same strain: 191 lows to 119 highs. When fewer stocks participate in a rising index, it signals a rally losing breadth — a classic late-cycle warning that the foundation is thinning.