Top 10 stocks now 40% of the S&P 500, ProShares strategist says

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The top ten stocks in the S&P 500 now account for 40% of the index, according to Simeon Hyman, Global Investment Strategist at ProShares. Hyman noted that while technology and momentum trades continue to perform well, investors are beginning to look at dividend growth stocks and other alternatives amid concentration concerns. He also highlighted that small caps have been quietly outperforming the S&P 500 this year and deserve a place in long-term asset allocations, suggesting a roughly 10% weighting. Additionally, Hyman pointed to international equities as another area for potential broadening, with developed markets around 20% and emerging markets 5% to 10% of a portfolio. He described current market enthusiasm as rational exuberance supported by strong earnings growth, with S&P 500 earnings up about 25% year over year and Nasdaq 100 earnings up nearly 50%.

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