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Jun 04 2026
Market Internals

Other Market Undercurrents

  • Jun 4, 2026

AI mania lingered in May, as semiconductors and tech hardware accounted for three-fourths of the index’s monthly gain (23 constituents in total, including 19 with less than $1T in market cap). April and May provided the worst two-month period of relative performance for the Equal-Weighted S&P 500 in our data set, which extends all the way back to 1990.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil is a Co-Portfolio Manager and Sr. Research Analyst at The Leuthold Group, LLC. He is a member of the asset allocation and investment committees and is a major contributor to the firm's research publications.

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