S&P 500 Climbed May 12 While Stocks in Retail, IT Services, and Defense Broadly Fell
All three major U.S. indexes posted gains on May 12, 2026, but stocks across retail, defense, IT services, software, and commerce tech declined broadly. The divergence points to a narrow band of large-cap — likely AI-related — megacaps carrying the indexes. Historically, this breadth pattern precedes volatility spikes and sector rotation.
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