At nearly the midway point of the year, the S&P 500 Index has proven surprisingly resilient despite numerous headwinds, such as multiple Fed rate hikes and instability in the banking system. However, the S&P 500’s rally doesn’t necessarily match what’s going on inside diversified equity portfolios. While the S&P 500 is up 12%, 7 stocks – Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla – are up an average of 69.0 percent! The rest of the stocks in the S&P 500 are up only 2.5%, on average. It goes without saying that this is a whopping disparity. Investors with diversified portfolios [need patience] during this period of narrow leadership. We’re already seeing signs that market performance is starting to broaden out.