The stock market just did something eerily similar to the dot-com bubble top in 2000
Key points
- A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020. Mike Segar | Reuters The S&P 500 closed at a record on the last trading day of May, but only a handful of stocks — focused mostly in the AI area — hit their own all-time highs.
- This strange occurrence echoes what happened at the top of dot-com bubble 26 years ago.
- On Friday, just 20 of the index members hit a record.
- Of those 20, just seven were not directly related to artificial intelligence.
- Michael Hartnett at Bank of America pointed out in a note to end last week that it was just 20 stocks that hit new highs at the very top of the internet bubble in March 2000. While the widely...
Quick Summary
A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot
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Key Takeaways
- A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020.
- Mike Segar | Reuters The S&P 500 closed at a record on the last trading day of May, but only a handful of stocks — focused mostly in the AI area — hit their own all-time highs.
- This strange occurrence echoes what happened at the top of dot-com bubble 26 years ago.
- On Friday, just 20 of the index members hit a record.
- Of those 20, just seven were not directly related to artificial intelligence.
📌 Source: CNBC
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