The 2023 stock rally is no longer about just AI and Big Tech

Suddenly, the word on analysts' lips is"breadth" – used to describe a rally that lifts a wide distribution of stocks, rather than a handful of select names. The proportion of S&P 500 stocks trading above their 200-day average – an indicator of market breadth – climbed as high as 65% this week, the highest since mid-February.

"We've kind of moved on a little bit [from the Magnificent Seven]," Minerva Analysis founder Kathleen Brooks told Insider in a recent interview. "I know they're still really important for markets, but we're actually seeing a broadening in performance, with a number of names from different sectors hitting 52-week highs," she added.

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