Will US stock price growth extend beyond tech giants?

The U.S. stock market’s reliance on tech giants like Nvidia will come under scrutiny as investors prepare for upcoming earnings reports from a broader range of companies. The S&P 500 is up 16% this year, although only a select few stocks have driven that gain.

Just 24% of S&P 500 stocks outperformed the index in the first half of the year, according to strategists at BofA Global Research. Investors will be watching the upcoming earnings season closely to see if earnings growth extends beyond the usual tech leaders.

Art Hogan, chief market strategist at B Riley Wealth, believes the second-quarter earnings season could usher in broader market participation. With more companies expected to report improved earnings, the market could see earnings spread, which would boost stocks with moderate valuations.