The recent advance in U.S. equities is becoming increasingly broad based. The equal weighted S&P 500 has significantly outperformed its market cap weighted counterpart, marking one of the strongest periods of relative performance in more than two decades. This divergence suggests that market leadership is expanding beyond the largest mega cap technology companies, with gains becoming more widely distributed across sectors and individual constituents. The corresponding decline in correlation between the capitalization weighted and equal weighted indices further reinforces the view that equity market participation is broadening as leadership becomes less concentrated. Source: Bespoke Investment Group 🌱🇺🇸