Nasdaq Hits a Record High—But More Stocks Are Hitting New Lows

Record Nasdaq highs powered by Meta mask a rare breadth divergence historically seen only before the 1929 and 1999 market tops.

• Meta powers the tape: Meta surged roughly 11-12% intraday, closing near $741 and pushing the S&P up 1.49% and Nasdaq up 2.2% to a record close; the QQQs still haven't hit new all-time highs.
• Rare breadth warning: More Nasdaq stocks hit 52-week lows than 52-week highs on a day the index closed at a record — a pattern Zach Abraham says occurred only twice before, in December 1999 and July 1929.

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