Per the legendary investor John Hussman -- famous for predicting the 2000 and 2008 crashes, the latest stock rally is ingrained in the extreme fear of missing out. This FOMO rally may fizzle if the consensus view starts changing and valuation gets too ripe.
S&P 500 companies have had a solid Q1 earnings season, with one key exception: drugmaker Bristol Myers Squibb.
Despite the "Magnificent Seven" — or three — powering the S&P 500, the long list of companies hitting new record highs shows another side of the market concentration conversation.