Passive investors only see the overall movements in the index, but many things are going on inside the S&P500, IG, and HY indexes, which active investors are paying attention to. With inflation being a multi-year problem and the Fed raising rates, the tech sector continues to underperform, and the continued divergence in performance between growth and value in the S&P500 and credit indexes is very significant. In fact, the spread between the best and the worst performing sector of the S&P500 is currently at the highest level on record, see chart below.
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