It’s not just Big Tech anymore. That’s one of the most bullish things about the latest stock market trip to record highs.
Have a look at the MoneyShow Chart of the Day, which comes from Renaissance Macro Research. It shows the S&P 500 EQUAL weighted index, rather than the capitalization-weighted S&P 500 Index (^SPX) that’s more widely followed. Yep, it hit a fresh high last week, too – indicating we have broader participation in this latest leg up.
Source: Renaissance Macro Research
There are other ways to show it’s not just Big Tech – or growth stocks in general – behind the rally, too.
Consider the one-month returns of the iShares Russell 2000 Value ETF (IWN), iShares Russell 2000 Growth ETF (IWO), State Street Technology Select Sector SPDR ETF (XLK), and the Invesco QQQ Trust (QQQ). IWN is in the lead with gains of 6.5%, compared with 4.7% for IWO, 1% for XLK, and only 0.6% for QQQ.
The rotation has been more pronounced and longer lasting in foreign markets. I’ve been harping on the outperformance of international stocks all year – and recommending you add more global exposure to benefit from it. But in this piece from last week, MSCI noted that value has been outperforming growth throughout 2025 in developed foreign markets – by a hefty 13 percentage points.
So, with 2025 winding down – and a new year full of opportunity right around the corner – it could DEFINITELY be time for some portfolio rebalancing. After all, it’s NOT just a Big Tech market anymore.
