Recent stock market gains are being driven by a small number of large technology companies, with Bank of America Merrill Lynch saying in a research note that the S&P 500 would have been negative in the first half of 2018 if not for the so-called FAANG stocks (Facebook, Apple, Amazon, Netflix and Google).
“If you strip out a handful of outperforming tech stocks, the lack of breadth in the equity markets is troubling."
