Broadening Market Leadership Persists in February Amid heightened scrutiny of AI-related capex, geopolitical tensions, and a hotter-than-expected inflation report late in the month, US large-cap equities came under pressure in February, with the Nasdaq 100 and S&P 500 declining 2.3% and 0.8%, respectively. However, market leadership continued to broaden beyond mega-caps, as the S&P 500 Equal Weight Index (+3.6%) outperformed its market-cap-weighted counterpart. International