Editorial companion

What stands out

Kevin Gordon, Schwab’s head of macro research, lays out a striking observation: a small group of AI-focused technology stocks is carrying broad market gains while many other companies have fallen much further. He highlights that investors are betting on two linked things at once, continued corporate AI capital spending and a labor market that avoids mass layoffs, which explains why market breadth feels so narrow. That split between a handful of leaders and a long tail of laggards is the clearest single driver of recent index moves and market narratives on Bloomberg this weekend.