EDITOR'S NOTE

The S&P 500 is back to a record high, but only a few stocks have participated in the index’s monster rally off the March 23 low.

An analysis by CNBC’s Nate Rattner found that only 38% of all S&P 500 stocks are up since Feb. 19 — when the index reached its previous record. Some of the winning names in that time include PayPal, Amazon and Apple. In fact, the iPhone maker surged to an all-time high last week, making it the first publicly traded company in the U.S. to reach a $2 trillion market cap.

The laggards between the S&P 500’s record-setting sessions include cruise operators Carnival and Norwegian Cruise Line as well as Occidental Petroleum. All three of those stocks are still down more than 60% since Feb. 19.

This lopsided market action since February has raised concern among investors about the sustainability of the rally.

“There have been more and more warning signs that need to be mentioned that suggest markets are nearing at least a temporary peak in price,” Mark Newton, managing member at Newton Advisors, wrote in a note. “This divergence is important and should be watched carefully.”

The market’s narrow leadership will be tested next week as the Federal Reserve holds its annual monetary policy symposium. The event usually happens in Jackson Hole, Wyoming, but this year will take place virtually instead due to the coronavirus pandemic.

Fed Chairman Jerome Powell is set to speak Thursday and is expected to highlight the implications of monetary policy as well as the central bank’s much-anticipated framework review, writes CNBC’s Patti Domm.

THE WEEK AHEAD

YOUR WEEKEND BRIEFING