Mega Cap Melt Up

Detailed analysis below...

The major US indices powered higher once again last week with the SPX +1.6% and NDX +3.5%. 

We saw a welcome surprise in the inflation narrative with Core CPI coming in well below expectations (+0.16%).

The biggest companies in the world continue to dominate the action.  Last week, we saw AAPL and MSFT break out to new ATHs, along with ORCL and AVGO post-earnings. 

If it feels like Mega Cap Tech stocks are taking turns going on huge runs, that is because they are.  META +25% in Jan/Feb. AMZN +15% in Feb. GOOGL +17% in Mar/Apr.  MSFT +15% and AAPL +25% in May/June.  And of course, NVDA has been ripping higher all year (aside from a small hiccup in April).