The stock market's unbalanced rebound

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.

• Five Big Tech companies now account for around 20% of the entire S&P 500's market cap, the index's highest level of concentration since the 2000 tech bubble.

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