Bloomberg Surveillance · Thursday, September 3, 2026
Keith Leonard highlights that correlation within the S&P 500 is at its lowest in approximately 30 years, signifying increased dispersion between stock winners and losers. This trend is particularly pronounced in the tech and consumer discretionary sectors, reflecting a two-speed economy. Despite this, Leonard emphasizes that large-cap stocks continue to hold significant influence on the overall market performance.
“we track a measure of correlations within the S & P, so how stocks are acting together. And that measure of correlation is at the lowest level we've seen in about 30 years.”
“So what does that mean? It really goes to your point, Lisa, that we're seeing more dispersion between winners and losers.”
“And I think the S & P, even though it's really concentrated, you know, it. Still matters how these big cap stocks do.”