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The "Magnificent Seven" stocks that have led the market higher now sport enormous market caps. The S&P 500 is market-cap weighted, so its performance is heavily influenced by a small number of giant companies, most of which are now highly dependent on demand for AI solutions.

American economist Peter Schiff has warned that weakening S&P 500 market breadth could signal rising downside risk even as the benchmark index remains near record highs.

The S&P 500 just produced the kind of earnings growth that can make a bull market look self-sustaining.

Liquidity, strong labour market dynamics, technological growth, and passive flows have resulted in lucrative S&P 500 returns. However, I've decided to hold what I have and won't be adding more as I believe prices have detached from reality.

Brent Schutte, Chief Investment Officer at Northwestern Mutual Wealth Management, says today's S&P 500 is the second-most concentrated market he's seen in 33 years. He explains why diversification is more critical than ever — and exactly where he's finding opportunity instead, from small and mid-cap stocks to high-quality bonds and REITs.