With tech stocks having fallen by roughly 10% from their all-time high in early October, a historic gap has opened between that sector and the rest of the market. The equal-weight version of the S&P 500 just had its single best monthly outperformance of the traditional index in more than 17 years. It returned 5% in October, compared with a loss of around 0.8% for the S&P 500. Obviously, this kind of dichotomy doesn't exist without a major shift in the U.S. equity market. The decline in tech and the "Magnificent Seven" stocks is the biggest catalyst. But more than 70% of S&P 500 components were actually up on the month. There's also a much larger rotation happening below the surface.
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