Market breadth is experiencing a historic improvement: 66% of S&P 500 stocks are outperforming the index year-to-date, the highest since data began in 1986. The percentage has more than DOUBLED from the extreme concentration seen in 2023, 2024, and 2025, when only 29%, 29%, and 31% of stocks beat the index, respectively. This is an even stronger reading than during the 2000 Dot-Com bubble burst in 2000-2002. This means 332 of the S&P 500 members are exceeding the +0.7% YTD gain of the index. Interestingly, Nvidia, NVDA, is the only stock from the Magnificent 7 gaining more than the benchmark so far this year. Market leadership becoming slightly broader.(The Kobeissi Letter)