AI's domination is raising concerns about the bull. But the rally is starting to broaden out

A fragile stock rally is starting to show signs of broadening out, suggesting there could be opportunity for investors in the market beyond artificial intelligence alone. The S & P 500 on an equal weight basis hit all-time highs on Tuesday. The index rose as hopes of a ceasefire in Iran tempered the price of oil and rising Treasury yields, and lifted parts of the market that were most under pressure from the conflict. The index was last near 8,395, close to a record, after falling to roughly 7,600 at the March lows. The broadening out of the rally should continue, as earnings and technicals turn constructive, investors hope. The Magnificent Seven companies and the rest of the S & P 500 companies just reported their fastest profit growth since 2021, according to FactSet senior earnings analyst John Butters. The improving technical setup in the S & P 500 Equal Weighted Index could help the measure hit at least 9,000, roughly 7% above where the index closed Tuesday, according to Adam Turnquist, chief technical strategist at LPL Financial. RSP YTD mountain Invesco S & P 500 Equal Weight ETF, YTD It's an encouraging sign for the bull market, as a heavy reliance on just a handful of AI-related names was in large part why investors stayed skeptical of the comeback rally in April and May. A broadening out suggests the bull market is more sustainable than feared. …