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Such a divergence has never been seen in markets:
The S&P 500's 3-month implied correlation is down to ~15.0%, the lowest on record.
Implied correlation measures the extent to which stocks are expected to move in tandem, with a reading this low indicating significantly greater and independence among individual stocks within the index.
At the same time, the 12-month implied correlation of the Nasdaq 100 is down to 25.5%, also an all-time low.
This percentage has declined -35 points since 2022 and is well below the long-term average of 45.9%.
This is consistent with a highly concentrated market environment dominated by a narrow group of large-cap technology stocks.
Market leadership has rarely been this narrow.
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