, would weigh more heavily on megacap tech stocks than midcap stocks.
With five companies accounting for 25% of the S&P 500 index, Subramanian notes the S&P 500 is "more top heavy than ever."This, she argues, means opportunity lies in the other companies that haven't been run up amid the artificial intelligence boom. Based on data since 1999, BofA found the average S&P 500 year-end target at the end of August typically projects 5% gains through the end of the year. In the rare years when strategists see the benchmark index declining from it's August close, the S&P 500 actually performs better than normal.
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