It was another great week for the average stock as market leadership shifts away from tech

The week's price action highlighted a notable shift in market leadership. While the S&P 500's tech sector posted its worst weekly performance in a year and a half, an equal-weighted version of the index—which gives each constituent company the same influence regardless of size—secured a second consecutive weekly gain. That divergence suggests gains were spread more broadly across sectors rather than concentrated in the largest technology names that have driven index returns in recent periods.

The equal-weighted measure is often watched as a gauge of market breadth, since it reduces the outsized influence of mega-cap stocks. When it outperforms while tech weakens, it can indicate that participation in the rally has widened—though a single week or two of relative strength is not conclusive on its own.

What to watch: whether this breadth persists over coming weeks, how the tech sector stabilizes after its pullback, and whether other sectors can continue carrying leadership. Concentration risk remains a relevant consideration for investors monitoring index-level performance.