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U.S. stocks have been suffering from “bad breadth” all year. But over the past month, the situation has gone from dire to extremely dire, underscoring some of the risks that arise when the market becomes too heavily reliant on a handful of megacap stocks.
On Tuesday the S&P 500 equal-weighted index erased all of its gains for 2023 and tumbled into correction territory, having fallen more than 10% from its July 26 high, according to Dow Jones Market Data.
That…
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