TECH'S LEAD OVER THE S&P 500 PASSES 2000 PEAK

Technology stocks have never been this dominant against the rest of the market, according to S&P total-return data charted by Charlie Bilello: the tech-to-S&P 500 ratio hit a record this month, above its March 2000 dot-com peak. The ETF version tells the same story, with $XLK outperforming $SPY by about 22% this year and its ratio now roughly 2.5% above the 2000 high.