Photo: Alexi Rosenfeld/Getty Images

The Nasdaq hit a new record high on Friday and the S&P 500 and Dow are close to doing the same, but the rally has not been universal, the Wall Street Journal reports.

What it means: "Most stocks are down this year, many by 20% or more. A few fortunate winners have generated big gains, fueling the misperception that losses have been minimal. The result is a market that isn’t as irrationally exuberant as it might appear."

  • "Overall, of the 3,470 stocks in the Wilshire 5000 index that traded between Dec. 31, 2019, and June 2, 73% had negative returns for the year to date."

The big picture: Large cap growth stocks are leading the way, Zweig says.

  • "In the first five months of this year, big growth stocks rose 6.1% while small, low-priced 'value' stocks lost 25.6%. That was the biggest gap in performance between them over any such period since early 1999 and the second widest on record back to 1986, according to AJO, a Philadelphia-based investment firm."

Between the lines: The returns are the latest example of the stock market's increasing consolidation among fewer companies, as the returns of companies like Microsoft and the FAANG stocks have powered overall markets higher.

Go deeper: The risk asset rally continues as stock market rebounds

Go deeper

Updated 33 mins ago - Politics & Policy

Federal government carries out first execution since 2003

Lethal injection facility in San Quentin, California. Photo: California Department of Corrections and Rehabilitation via Getty Images

The first execution carried out by the federal government since 2003 took place on Tuesday at a federal prison in Indiana after an early-morning Supreme Court decision allowed it to move forward, the Washington Post reports.

The big picture: A lower court had delayed the execution, saying inmates had provided evidence the government's plan to carry out executions using lethal injections "poses an unconstitutionally significant risk of serious pain."

U.K. bans Huawei from its 5G network

British Prime Minister Boris Johnson. Photo: Dan Kitwood/Getty Images

The U.K. said Tuesday that it will no longer allow Chinese tech company Huawei to access its 5G network amid growing pressure on Prime Minister Boris Johnson to take a stand against Beijing, the New York Times reports.

Why it matters: It's a big win for the Trump administration, which has sought to firewall Huawei from networks around the world and put intense pressure on its closest ally to make such a move.

1 hour ago - Sports

The NBA's YouTube generation documents life in Orlando bubble

Illustration: Aïda Amer/Axios

The NBA bubble at Walt Disney World demands a documentary and will surely get its own "30 for 30" one day. But as the action begins to unfolds, it's clear that the players, themselves, will be the primary storytellers.

Why it matters: The most unique sporting event in history (just ahead of every other event this year) will be documented by its participants, making it less of a traditional "sports season" and more of a must-see reality show.